Flexible Spending Accounts

FSA OVERVIEW

Further by HealthEquity

Dependent CareHealthcare Spending AccountFlexible Spending Account

It's a fact: we're all spending more on health care, dependent care and other everyday wellness needs than ever before. That's what makes the flexible spending account (FSA) program so valuable - it's an easy, convenient way to help stretch your health and dependent-care dollars.

Through your FSA, you set aside money from your pay before taxes are deducted. That money is still yours to spend, but no taxes are taken out of it - ever!

How does that add up? It depends on how much you spend on health-care and dependent-care expenses each year. But for every $100 set aside through the FSA, most people can save from $30 to $40 on their total payroll taxes including:

Federal income tax
FICA (Social Security) taxes
State income tax (in most states)

Intact offers both health care and dependent care spending accounts which is administered by Further. You must use the funds or you will lose them, so it's important to estimate carefully.

Important Notes:

FSA expenses must be incurred by December 31, as there is no grace period.
You will have until March 31 of the following calendar year to submit your claims for reimbursement.
If you do not use all your funds or terminate mid year you will lose any remaining funds (unless COBRA election) left in your FSA. COBRA is only available for health care spending accounts and on an after tax basis.
The IRS maximum limit for a health care FSA is $3,200 and $5,000 for a dependent care FSA.

Intact Insurance Specialty Solutions is the marketing brand for the insurance company subsidiaries of Intact Insurance Group USA LLC. Coverages may be underwritten by one of the following insurance companies: Atlantic Specialty Insurance Company, a New York insurer; Homeland Insurance Company of New York, a New York insurer; Homeland Insurance Company of Delaware, a Delaware insurer; OBI America Insurance Company, a Pennsylvania insurer; OBI National Insurance Company, a Pennsylvania insurer; or The Guarantee Company of North America USA, a Michigan insurer. Each of these insurers maintains its principal place of business at 605 Highway 169 N, Plymouth, MN 55441, except The Guarantee Company of North America USA, which is located at One Towne Square, Southfield, MI 48076. This material is intended as a general description of certain types of insurance coverages and services. Coverages and availability vary by state; exclusions and deductibles may apply. Please refer to your insurance policy or consult with your independent insurance advisor for information about coverages, terms and conditions. Some coverage may be written by a surplus lines insurer through a licensed surplus lines broker. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.