A Flexible Spending Account (FSA)
A benefit that allows employers to deduct money pre-tax out of an employee‘s paycheck to assist in paying for out-of-pocket healthcare expenses. An FSA can also be set up for dependent and transportation expense assistance.
Submissions can include office visit or prescription co-pays, coinsurance and deductibles on a health plan, dental and vision expenses, as well as prescribed over-the-counter medications.
Allows employees to set aside dollars to assist with certain childcare expenditures for their dependents. This is a convenient and cost-effective way to provide for day care, after school programs and pre-school expenses.
Transportation Reimbursement Plan
Alleviates employees of high-cost commutes via pre-tax parking, van pooling and mass transit pass programs.
Healthcare Reimbursement Account (HRA)
An employer-maintained account that reimburses employees for qualified medical care expenses.
Healthcare Savings Account (HSA)
A tax-exempt trust or custodial account created to pay for employee and dependent qualified medical expenses.