InsuranceAgents.com
If you have an employee healthcare benefits package, but are paying a high deductible or your benefits don’t cover most costs, a Flexible Spending Account could be for you. A Flexible Spending Account, of FSA is an employee benefits program that allows employees to set aside untaxed money from their paycheck into an account to be used for out of pocket medical costs.
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Not all employee healthcare benefits cover things like over the counter medications, copays for doctor visits or dental and vision checkups. For these out of pocket costs, employees are offered the FSA benefits program to assist them in the costs. This program can be very helpful for those with gaps in their health insurance coverage. However, FSAs can have their downside. FSAs are processed every year and the money that is left in the accounts are not refunded back to the employee or rolled over to the next year. If you are not careful about the amount of money being placed in the account, you can lose a significant amount of your income.
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