What is an HSA? Designed to cover qualified medical expenses, an HSA can either be sponsored by an employer or opened by an individual. To open an HSA, you must: Be covered under a qualified high-deductible healthcare plan (HDHP) Not be covered by Medicare or any plan that is not a ...
What kinds of expenses are covered under an FSA? FSAs are often used to pay for the remaining medical, dental or vision costs that aren’t covered by insurance, such as co-payments and deductibles. There are several other expenses, benefits and treatments that can be covered by an FSA as ...
What is the difference between a dependent-care FSA and a health-care FSA? A dependent-care FSA and a health-care FSA are both employer-sponsored accounts where workers can contribute pretax money. A dependent-care FSA can be used for qualified dependent care expenses for children under the ...
Am I eligible for an FSA? Anyone is eligible for an FSA, as long as they are employed by a company that offers them. Flexible spending accounts are available under several types of insurance plans. You can enroll in an FSA along with your insurance plan, or you can have an FSA alone,...
Bank of America acts solely as claims administrator performing administrative tasks pursuant to an agreement with, and at the direction of, the sponsoring employer or individual under an independent plan. The sponsoring employer or individual under an independent plan is solely responsible for ensuring ...
Daycare for children under 13 is usually an FSA eligible expense. FSA eligible expenses can vary depending on the employer policy as well as the type of insurance coverage held by an employee. Some employers, for example, allow employees to use FSA funds to pay for an adoption. In situations...
The account remains with your former employer when you leave, but you may be able to elect to continue to be enrolled in a health care FSA under COBRA. How can I make my money grow? Contributions generally go into an interest-earning account, but you may be able to invest all or part...
Step 2: Select your role as either a student, parent, or preparer and then log in or create your FSA ID Step 3: When the official page is done loading, click on “Start Here” and follow the onscreen prompts. Now you can get started filling out the forms. What will I need to...
Compare qualified medical expenses for a Health Savings Account (HSA), Flexible Spending Account (FSA), and Health Reimbursement Arrangement (HRA).
Another type of FSA is adependent-care flexible spending account, which is used to pay for child-care expenses for children age 12 and under and also can be used to pay for the care of qualifying adults, including a spouse, who can't care for themselves and meet specific Internal Revenue...