Flexible Spending Accounts
Flexible Spending Accounts are employer-sponsored benefit plans that allow employees to set aside a portion of their pre-tax earnings to pay for eligible medical expenses. These accounts are designed to help individuals save money on out-of-pocket healthcare costs such as copayments, deductibles, and prescription medications. Participants in Flexible Spending Accounts can typically use these funds to cover expenses for themselves, their spouse, and any dependents. The funds in these accounts must be used within a specified time period, usually the plan year or a grace period following the plan year, or they will be forfeited.