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There are two kinds of accounts the FSA and the HSA. There is no requirement that the company provide these, they are another benefit.
The Flexible Savings Account is made available as a benefit by those companies that wish to do so. The downside of this type of account is that you have to use it up in the specific year, or you lose the money. So it is better to under estimate a bit than to over estimate your needs. And you must sign up before the year starts.
Depending on the employer and program, they may allow things not covered under your health insurance, such as chiropractic care. And changes now allow you to deduct over-the-counter health items like aspirin and vitamins. See your employer and the benefits programs to determine your eligibility.
The Health Savings Account is more long term. In order to use it, there are requirements related to large deductibles on the basic insurance provided by the employer. The big advantage to this account is that it does not have to be used within any specific calendar year, and as long as you use it for qualified medical expenses, there is no tax on it.
What else can I help you with?
What is the retirement plan when you become an author?
It is your savings. There is no retirement plan for people who work for themselves except what they plan themselves.
What specific type of PPO plan gives debit card with the money?
You are thinking of an MSA plan (Medical Savings Account) which is different than a PPO plan
Can I use my HSA for medical expenses for a child who is not covered under my insurance plan?
Yes, you can use your Health Savings Account (HSA) to pay for qualified medical expenses for a child, even if they are not covered under your insurance plan.
How can a small business set up a Health Savings Account (HSA)?
A small business can set up a Health Savings Account (HSA) by first offering a high-deductible health insurance plan to its employees. Once the insurance plan is in place, the business can then work with a financial institution to establish the HSA for employees to contribute pre-tax funds for medical expenses.
Which education savings plan can be used for K through 12 expenses as well as post-secondary expenses?
Coverdell Education Savings Plan!
What are the benefits of a couples plan for insurance coverage?
A couples plan for insurance coverage can offer benefits such as cost savings, shared coverage for medical expenses, and the convenience of managing insurance together.
What is a 401k plan and how does it work?
A 401k plan is some sort of savings program and it involves forms. You must fill out these forms in order to apply for a 401k plan. It is a government program.
Which education savings plan is the value of the investment dependent on the performance of the stock market?
529 college savings plan
What happens to my Health Savings Account (HSA) if I switch from a High Deductible Health Plan (HDHP) to a Preferred Provider Organization (PPO) plan?
If you switch from a High Deductible Health Plan (HDHP) to a Preferred Provider Organization (PPO) plan, you can still keep your Health Savings Account (HSA). However, you can no longer contribute to the HSA while on the PPO plan. You can still use the funds in your HSA for eligible medical expenses.
Savings Calculator?
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When is the enrollment plan for a 529 college savings plan?
Year around
What is the difference between the Thrift Savings Plan and FERS?
FERS is a retirement system that includes both a small defined benefit plan and a defined contribution plan. The Thrift Savings Plan is the defined contribution plan used in FERS.
