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Take financial control over spending health care dollars and decide where and how to spend your health care funds. View your healthcare account activity for your recent plan year.
Healthcare Reimbursement Accounts are health funds that can be used to help pay for pre-approved health care expenses, such as deductibles, coinsurance and/or copays, if applicable to your plan, as long as funds are available. Once depleted, you pay for additional health care costs up to the amount of your annual deductible. Once your deductible is met, your plan covers eligible services.
A Flexible Spending Account (FSA) is a wise way to set aside tax-free money to cover anticipated medical and dependent care expenses.
Using an FSA is simple. Decide how much money you want to set aside to cover your health care and/or dependent care expenses for the upcoming year. Your employer will deduct your pledge on a pre-tax basis. Then, use your funds throughout the year to pay for qualified expenses. Be sure to use all funds by the end of the year to avoid forfeiting any money.
Take advantage of lower federal taxes by setting aside pretax dollars for dependent care.
As of 07/26/2016