What is an FSA?
A flexible spending arrangement (FSA), or Flexible Spending Account, as they
are commonly called, is one of a number of tax-advantaged financial accounts
that can be set up through a cafeteria plan of an employer in the United
States. An FSA allows an employee to set aside a portion of his or her earnings
to pay for qualified expenses as established in the cafeteria plan, most
commonly for medical expenses but often for dependent care or other
expenses. Money deducted from an employee's pay into an FSA is not subject
to payroll taxes, resulting in a substantial payroll tax savings.
The most common FSA, the medical expense FSA (also medical FSA or health
FSA), is similar to a health savings account (HSA) or a health reimbursement
account (HRA). However, while HSAs and HRAs are almost exclusively used as
components of a consumer driven health care plan, medical FSAs are commonly
offered with more traditional health plans as well. An FSA may be utilized by
paper claims or an FSA debit card also known as a Flexcard.
A flexible spending arrangement (FSA), or Flexible Spending Account, as they
are commonly called, is one of a number of tax-advantaged financial accounts
that can be set up through a cafeteria plan of an employer in the United
States. An FSA allows an employee to set aside a portion of his or her earnings
to pay for qualified expenses as established in the cafeteria plan, most
commonly for medical expenses but often for dependent care or other
expenses. Money deducted from an employee's pay into an FSA is not subject
to payroll taxes, resulting in a substantial payroll tax savings.
The most common FSA, the medical expense FSA (also medical FSA or health
FSA), is similar to a health savings account (HSA) or a health reimbursement
account (HRA). However, while HSAs and HRAs are almost exclusively used as
components of a consumer driven health care plan, medical FSAs are commonly
offered with more traditional health plans as well. An FSA may be utilized by
paper claims or an FSA debit card also known as a Flexcard.
| INMAN PHARMACY, INC 1414 Cambridge Street Cambridge, MA 02139 617 876-4868 617 876-3979 Fax 617 547-9521 |
Inman Pharmacy can process your FSA eligible purchases at check-out.