Flexible spending accounts (FSAs) allow employees to pay for certain medical expenses without paying income taxes or social security taxes on the money they use to do so. Funds in an FSA can pay for doctors’ fees, eyeglasses and contact lenses, acupuncture treatment, copayments for products or services otherwise not covered by an insurance plan, hearing aids, and more. They must, however, be set aside at the beginning of the year and spent by the end of the year, or they are lost. To use the money in an FSA, an employee submits proof of a medical service rendered and the payment plan for it to the account’s administrator. The administrator then provides the employee with a reimbursement check.

About the Author:

Jerry Batt serves as President of Group Benefits Agency (GBA), an employee benefits brokerage located in Columbus Ohio. Serving a diverse array of clients, from nonprofit organizations to large, unionized corporations, the agency offers creative, high-quality benefits solutions.
 


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    Jerry Batt is a  respected insurance broker working in Bowling Green, Ohio.

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