Flexible Spending Accounts
Flexible Spending Account (FSA)
MedFlex accounts allow you to set aside a portion of your paycheck to help you pay for medical expenses normally not reimbursed, excluding elective cosmetic services. Contributions are deducted from your paycheck prior to state and federal taxes.
A Healthcare FSA could save you money if you or your dependents:
- Have out-of-pocket expenses like co-pays, coinsurance, or deductibles for health, prescription, dental or vision plans
- Have a health condition that requires the purchase of prescription medications on an ongoing basis
- Wear glasses or contact lenses or are planning LASIK surgery
- Need orthodontia care, such as braces, or have dental expenses not covered by your insurance
Dependent Care FSA
A Dependent Care FSA provides pre-tax reimbursement of out-of-pocket expenses related to dependent care. This benefit may make sense if you (and your spouse, if married) are working or in school, and:
- Your dependent children under age 13 attend daycare, after-school care or summer day camp
- You provide care for a person of any age whom you claim as a dependent on your federal income tax return and who is mentally or physically incapable of caring for himself or herself
IRS regulations allow up to $5,000.00 per calendar year per family. Certain age limits apply.
Contact 3P Benefit Solutions
today to discuss your options.
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