flexible spending account

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flexible spending account,

n an employee reimbursement account primarily funded with employee-designated salary reductions. Funds are reimbursed to the employee for health care (medical and/or dental), dependent care, and/or legal expenses and are considered a nontaxable benefit.
References in periodicals archive ?
Scope Of Project The County Is Soliciting Proposals From Qualified Vendors To Provide Combined Administrative Services For Health Savings Accounts (hsa), Limited Purpose Flexible Spending Accounts (lpfsa), And Traditional Health Care And Dependent Care Flexible Spending Accounts (fsa) For 2016.
However, it is important to note that the smallest group surveyed showed the strongest interest in flexible spending accounts.
A portal will strengthen communications throughout the organization and will also support the kind of flexible benefits Rust believes will keep employees happy: cafeteria-style holidays, sick leave payout options, flexible spending accounts, tuition reimbursement, shift coverage by consensus, and career path and performance reward systems.
The Treasury Department and the IRS recently announced that over-the-counter drugs could be paid for with pretax dollars through health care flexible spending accounts.
723), which would allow small businesses to provide non-taxable benefits, such as flexible spending accounts, to their employees.
These cards are helping trim costs and inefficiencies in flexible spending accounts and health reimbursement accounts, said Beverly Kennedy, senior vice president, health care, of First Data, which recently introduced its Multipurpose Healthcare Card, designed to support FSA and HRA record keeping and claims administration.
An elimination or cap on flexible spending accounts will force plan participants to pay higher taxes and incur higher health care costs at a time when many can least afford it.
Because IRS regulations state that Flexible Spending Accounts may only be used for medical costs, your doctor needs to verify that these treatments will treat a disease or illness.
Health-related savings plans--like flexible spending accounts and health savings accounts--are offered at an employer's discretion and aren't required by law.
In another case, the AICPA endorsed a Senate bill that would allow small businesses to offer nontaxable benefits, such as flexible spending accounts, to employees.
Flexible spending accounts (FSAs) allow you to designate a portion of your paycheck to cover certain types of expenses, such as prescriptions or doctors' visits.
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