A benefit offered to an employee by an employer which allows a fixed amount...
a plan that gives employees the opportunity to set aside pre-tax funds for the reimbursement of eligible tax-favored welfare benefits under Section 125 of the IRS tax code. Two plans are available, health care and dependent day care. Also called Reimbursement Accounts.
Some employers offer flexible spending accounts, sometimes called cafeteria plans, as part of their employee benefits package. You contribute a percentage of your pretax salary, up to the limit your plan allows, which you can then use to pay for qualifying expenses, including medical costs that aren't covered by your health insurance, child care, and care for your elderly or disabled dependents. ...
A Flexible Spending Account or FSA is an account established by an employer that allows his employees to contribute a portion of their salary each month, income tax-free to them and salary tax-free to their employer, for the purpose of paying for their health care expenses and any portion of health insurance premiums they may be responsible for. It is not available for self-employed individuals or individual employees on their own. Congress authorized the FSA under the Revenue Act of 1978 and the FSA is subject to IRS regulations and guidelines. It is sometimes referred to as a Section 125 plan after the IRC section number. Any health insurance policy approved in Oregon as an employee benefit plan can be used in conjunction with an FSA plan.
Also Flexible Spending Arrangements. Benefit plans in which an employer reduces an employee's earnings, before income tax is taken out, to pay for medical expenses not covered by insurance. These plans also can be used to pay for child care services.
Account made available to ND Flex participants for Health Care or Dependent Care. Spending accounts allow employees to set aside pre-tax dollars to pay for eligible health care and dependent care expenses that arise throughout the year and are not covered by health insurance or other dependent care options. See Flexible Benefits Policy.
a method for employees to put aside pre-tax dollars to pay for their out-of-pocket health and/or dependent care costs
a monetary employee benefit that may be offered by an employer for a specific purpose
an account to which employees may contribute pre-tax dollars to pay for medical and/or dependent care expenses that are not covered under the provisions of the current benefit plan
an agreement where your employer sets aside the amount you pay for child care before calculating deductions from your paycheck
an employee benefit that allows you to pay out-of-pocket medical expenses with pre-tax money
an employee benefit that allows you to set aside money, on a pre-tax basis, for certain kinds of common expenses
a voluntary benefit provided by the
An arrangement that allows an employee to have pretax dollars deducted from wages and put into an account to pay for health insurance deductibles and co-payments and dependent care assistance (there are separate accounts for medical and dependent care assistance FSAs).
An account that reimburses the participant for qualified health costs, dependent care expenses and/or commuter costs through one pre-tax savings account. Employees or employers or both fund the account. At the end of each year, unused dollars are forfeited by the account holder.
A type of cafeteria plan authorized under Section 125 of the Internal Revenue Code. Separate FSAs can be set up to cover expenses such as health insurance premiums (POP), qualified medical expenses or dependent care expenses. There are no specific health plan requirements. An employee or employer can contribute to the account on a pre-tax basis. Unused FSA balances are forfeited at the end of the year. (Note: New legislation in May 2005 issued y the U.S. Department of Treasury (2005-42) allows employers to modify FSAs in order to extend the deadline for reimbursement from accounts. The deadline can be extended by up to 2 1/2 months, at the employer's discretion. Still pending is legislation to allow $500 to be rolled over. For more information to go http://www.treas.gov/press/releases/reports/n9542.pdf.
an account set up under an employer plan that allows employees to set aside pre-tax dollars from their paychecks to pay eligible expenses. There are two forms of flexible spending accounts: health care and dependent care.
A type of flexible benefit plan that allows employees to set money aside on a pretax basis for qualified unreimbursed medical or dependent care expenses. These accounts may exist either within a full flexible benefit plan or separately as a stand-alone plan. They can be funded by salary reduction arrangements, employer contributions, or both. Employees must determine how much they wish to contribute to the account in advance and forfeit any unused dollars at the end of the year.
Employee reimbursement account primarily funded with employee designated salary reductions. Funds are reimbursed to employee for health care (medical and/or dental), dependent care, and/or legal expenses, and are considered a nontaxable benefit.
Section 125 plan – provides tax savings by reducing employee medical premiums from your gross salary prior to calculation of federal income and social security taxes, as allowed under Internal Revenue Code (IRC) Section 125.
An account provided by an employer that lets you set aside a certain amount of pretax dollars for medical care and other special circumstances.
(FSA) - A plan that provides employees a choice between taxable cash and non-taxable benefits for unreimbursed health care expenses or dependent care expenses. This plan qualifies under Section 125 of the IRS Code. See also Medical Spending Account.
An IRS-sanctioned plan that allows you to use pre-tax dollars set aside from your salary to pay for any unreimbursed health care or dependent care services.
An employee benefits plan that allows you to have money withheld from your paychecks on a pre-tax basis, and use this money for qualified medical or dependent expenses not covered by your employer's plan or insurance contract. You however forfeit any unused funds at the end of each calendar year. This plan is also called Flex Plan or a Cafeteria Plan.
Account that allows employees to contribute pretax dollars to buy additional benefits.
A plan to which you contribute money each pay period to cover additional medical insurance coverage or child care. You make contributions in pretax money.
See Cafeteria Plan.
An employee benefit offered by many companies that allows employees to have pretax dollars withheld from their salaries to pay for unreimbursed medical expenses and dependent-care expenses, such as babysitting or elder care. If you know you have certain fixed medical expenses every year (such as pharmaceutical or psychiatric expenses) that are not covered by your health insurance plan, you should definitely take advantage of your flexible spending account.
A flexible spending account (FSA) is a tax-advantaged financial account set up through the cafeteria plan of an employer in the United States. An FSA allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the cafeteria plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in a substantial payroll tax savings.