A health flexible spending account is a different kind of account where individuals put money they can use to pay for certain out-of-pocket healthcare costs. Money in such accounts is not taxable which means that people can save an amount equal to the taxes they could have paid on the money they set aside. Some employers make contributions to their employees’ FSAs but this is not usually a requirement. Flexible spending plans basically give employees a chance to spend tax-free dollars to pay for medical expenses that are not covered by their healthcare plans. It is up to employees to decide how much contributions they want to make through payroll deductions to their FSA at the beginning of every financial year. When the time to make a claim for the money you have spent on medical expenses comes, you will be required to submit a claim to the FSA through your employer with a proof of the medical expenses plus a statement showing that the said expenses have not been covered by your plan. Once the claim is accepted, you will receive a total reimbursement for your costs.
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