USE PRE-TAX DOLLARS TO PAY FOR ELIGIBLE HEALTH CARE EXPENSES FOR YOU, YOUR SPOUSE, AND YOUR ELIGIBLE DEPENDENTS
Health flexible spending accounts (Health FSAs) are medical reimbursement plans that are a flexible spending arrangement. They allow employees to take pre-tax salary reductions to pay for certain medical expenses for themselves, their spouses and/or dependents.
What You Need To Know
- Any employee is eligible (subject to employer-designed exclusions)
- Employees save on federal and state income tax, along with FICA and Medicare taxes (approximately 30%)
- Employers save on FICA and Medicare taxes (7.65%)
- Maximum contributions levels are set by the employer
- IRS non-discrimination rules apply
- Must have a written Plan Document
- Participants are required to receive a Summary Plan Description
- In some cases, Form 5500 is required
Let us exceed your expectations. Contact Naomi Struck at (888) 388-1040 to learn more.
