Flexible Spending Accounts and other 125 Plans
A Health Care Flexible Spending Account (FSA) is designed to reimburse for out-of-pocket health care expenses incurred by you or your eligible dependents that are not reimbursable through any other benefit. Examples of eligible expenses are deductibles, copays, prescription eyeglasses, vision exams, dental expenses and many others.
Here is how an FSA works. You decide to have an amount of your choice (goal amount) to be deducted incrementally from your paycheck. These contributions to your personal flexible spending account are made before any taxes (payroll or income) are taken from your earnings. You then file claims against your FSA for reimbursement of eligible expenses you have incurred. It is the opportunity to pay for eligible medical, dental, pharmacy and vision expenses with earnings that have not been taxed that provides the great value of an FSA. You may be reimbursed for eligible expenses up to the annual goal you have elected to contribute.
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Other Types Of Section 125 plans:
Premium Only Plan
A POP plan allows your employee's insurance premiums to be contributed on a pre-tax basis, thus creating more value in your overall health plan. We provide this plan free of charge to all of our clients.
Dependent Care FSA
If you have employees with dependent or daycare expenses, they can also use pre-tax dollars to cover such expenses.
Transportation Benefit FSA
Employees can redirect a portion of their pay for transit passes, parking and commuter highway vehicle expenses.
1560 Old York rd.
Abington, PA 19001
Phone:215-657-7400
Fax: 866-386-1595
O'Neill Consulting Corporation
Website: www.oneillcc.com
