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Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
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.
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.
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It would be wise to contact your current financial advisor
yes
No, employers are not required to offer a Flexible Spending Account (FSA) to their employees. However, offering an FSA is a benefit that some employers choose to provide to help employees set aside pre-tax dollars for certain eligible expenses like medical or dependent care.
Yeah, the cost simply reimbursable through your flexible spending account. I guess that that's just reality
FSA Flexible Spending Account: A voluntary plan set up with your employer to withhold a portion of your paycheck, pretax, to pay for approved health care expenses
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.
flexible spending account
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.
Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
The plan administrator gets it.
There is no such thing as a Health Savings Account Flex Plan. You either had a Health Savings Account (HSA) or a Flexible Savings Account (FSA). If you had a HSA the money is yours to keep, whereas any money in the FSA is kept by the employer.
It depends on the employer and the size of the company.The benefits can include medical and dental insurance,life insurance,disability insurance,tuition reimbursement,flexible medical spending account,401k and paid vacation days.