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Health Flexible Spending Accounts (Health FSAs) A Health FSA is a medical reimbursement plan that is a flexible spending arrangement. It allows employees to buy certain medical expenses for themselves, their spouses and/or tax dependents and pay for them with pre-tax salary reductions.
About Health FSAs: • 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 • Unspent balances cannot be carried over to the next year • IRS non-discrimination rules apply • Need to have a written plan document, distribute a summary plan description and in some cases annually file a Form 5500 |
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