Sometimes referred to as a cafeteria plan, flex plan, or a Section 125 plan, a Flexible Spending Account (FSA) lets employees set aside a certain amount of each paycheck - before paying taxes on that income - into an account. An FSA lets you...
- Lower your tax burden and keep more money in your pocket.
- Budget for non-covered medical expenses.
- Set aside pre-tax dollars for day care and other dependent care costs.
Note: Check with your Benefits Manager to find out if your employer offers an FSA as a part of your health care coverage.
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