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You can only pay for medical expenses with your flexible spending account. You can pay for x-rays, prescriptions, doctors visits, hospital visits, and eye visits. Your company should have a list of all eligible expenses.
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Flexible spending account where does the leftover money go if you don't spend it?
The plan administrator gets it.
Can you have an Flexible spending account if you are on Medicare?
yes
Is the cost of my spouse's insurance premium reimbursable through my flexible spending account?
Yeah, the cost simply reimbursable through your flexible spending account. I guess that that's just reality
Where does one learn more about the benefits of having a flexible spending account?
You can find out about the benefits of having a flexible spending account anywhere on the Internet. You can get good information on FinancialPlan. They tell you all the things about saving and budgeting.
Which type of health insurance plan has a use-it-or-lose-it feature?
flexible spending account
Can you use flexible spending account and claim medical expenses?
Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
Should you have a flexible spending account?
For most people a Flexible Spending Account makes a lot of sense, as long as you are fully aware of what the eligible expenses are and sure that you will spend out what you choose to put aside over the plan year. That said, there are some tax situations that make it not favorable to have an FSA - usually at lower incomes. What you might want to do is have the person who did your taxes - or do it yourself if you used software - plug in the before and after effects of having an FSA on last year's return. Again, for most they are advantageous if you will spend out the money you choose to put aside, but it can't hurt to check.
Is it possible to get an individual Flexible Spending Account FSA as an independent contractor 1099?
An independent contractor can get a Flexible Spending Account (FSA) if they meet the qualifications to have an FSA. They must be covered under a high deductible health insurance plan and have no other health coverage. They can not be enrolled in Medicare or be claimed as a dependent on anyone's taxes.
What banks offer flexible spending accounts?
Flexible spending account is one of the benefits offered by US Bank catering for one's healthcare payment. It is one way of reaping tax savings and helping individuals come up with smarter decisions to stay healthy.
Can you use a flexible spending account and claim the childcare tax credit?
Yes. The Flexible Spending Account is simply a before tax method of paying for medical expenses and it has no impact on unrelated tax items. Use of the FSA does prevent being able to also claim a medical expense deduction. The childcare tax credit is unrelated and can be claimed.
What is the name for reimbursement accounts for qualified medical and childcare expenses?
What is the name for reimbursement accounts for qualified medical and child care expenses? A. cafeteria plans. B. deferred compensation plans. C. option plans. D. flexible spending accounts. d
Is there a loophole in the flexible spending account?
Hi. This is a very general question but let me try to answer: There are several things that you absolutely need to keep in mind when opening a flexible spending account: 1. The plan year - you must spend out everything you set aside during the plan year - there is no loophole that allows you to bend this rule 2. Eligible expenses - make sure you know exactly what you can spend money on. They are also very strict about this. 3. Receipts necessary - even if you spend during the plan year on eligible expenses, you can be turned down for reimbursement if you lack the necessary receipts. 4. People who are covered - also make sure you know who in your household is covered. Usually this is pretty straightforward and again, no loopholes.
