Question

What does FSA stand for and how can an FSA be beneficial to participating workers?

Answer 1

Ans) Flexible Spending Account or FSA is a tax-advantaged benefit program established by an employer for their employees. This consumer driven account allows employees to use pre-tax money for eligible Section 213d healthcare and dependent care expenses.

FSA is beneficial to participating workers:

- Give employees Flexible Spending Account (FSA) benefits with the technology and resources that makes saving and spending simple for healthcare and dependent care expenses.

• Fast, efficient reimbursement of FSA eligible expenses with daily and weekly frequency options.
• Easier access to funds with FSA debit cards, integrated claims feeds with health, dental and vision insurers nationwide, as well as direct deposit.
• Secure participant web site with online claim submissions, real-time account information, flexible reporting options and more.
• User-friendly Mobile App for on-the-go access.