{"id":62,"date":"2021-12-05T11:11:18","date_gmt":"2021-12-05T11:11:18","guid":{"rendered":"https:\/\/moneymakersandsavers.com\/?p=62"},"modified":"2021-12-05T11:12:11","modified_gmt":"2021-12-05T11:12:11","slug":"fsas-flexible-spending-accounts","status":"publish","type":"post","link":"https:\/\/moneymakersandsavers.com\/fsas-flexible-spending-accounts\/","title":{"rendered":"FSAs (Flexible Spending Accounts) &#8211; What Are They and What Are Their Benefits?"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_55 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-661c5d0c9d268\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #4ff74c;color:#4ff74c\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #4ff74c;color:#4ff74c\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-661c5d0c9d268\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymakersandsavers.com\/fsas-flexible-spending-accounts\/#What_are_FSAs\" title=\"What are FSAs?\">What are FSAs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymakersandsavers.com\/fsas-flexible-spending-accounts\/#What_are_the_benefits_of_FSAs\" title=\"What are the benefits of FSAs?\">What are the benefits of FSAs?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"what-are-fsas\"><span class=\"ez-toc-section\" id=\"What_are_FSAs\"><\/span><strong>What are FSAs?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>FSA accounts are a type of investment are used to help pay for healthcare-based expenses, similar to <a href=\"https:\/\/moneymakersandsavers.com\/hsas-health-savings-accounts\/\" data-type=\"post\" data-id=\"43\">HSAs<\/a>. Unlike HSAs, they are employer-sponsored plans meaning you can&#8217;t open one on your own. In that way, they are more comparable to 401ks, which are also employer-sponsored accounts. The equivalent to the <a href=\"https:\/\/moneymakersandsavers.com\/traditional-iras-and-roth-iras\/\" data-type=\"post\" data-id=\"33\">IRA<\/a> would be HSAs or <a href=\"https:\/\/moneymakersandsavers.com\/hsas-health-savings-accounts\/\" data-type=\"post\" data-id=\"43\">health savings accounts<\/a> since you open each of those all on your own and they remain with you without needing to bother with transferring money from employer to employer. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Also unlike <a href=\"https:\/\/moneymakersandsavers.com\/hsas-health-savings-accounts\/\" data-type=\"post\" data-id=\"43\">HSAs<\/a>, the contributions to this account do not completely roll over from year to year. FSA accounts may offer the option for a grace period or rollovers on money that can be kept in the account but you can only do one or the other. FSAs with a grace period offer up to 2 1\/2 months for what&#8217;s left in the account to be used on medical expenses. For carryovers, there is a limit to the amount of money that can be carried over year-to-year. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/i1.wp.com\/clark.com\/wp-content\/uploads\/2019\/09\/Piggy-bank-with-flexible-spending-account-FSA-for-health-care-written-on-it.png?fit=1200%2C630&amp;ssl=1&amp;resize=1280%2C720\" alt=\"What Is an FSA?\"\/><\/figure><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-are-the-benefits-of-fsas\"><span class=\"ez-toc-section\" id=\"What_are_the_benefits_of_FSAs\"><\/span>What are the benefits of FSAs?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>The contributions you make to flexible spending account are deductible from your federal and employment taxes. The contributions made by your employer to an FSA account are included in your gross income.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Like <a href=\"https:\/\/moneymakersandsavers.com\/hsas-health-savings-accounts\/\" data-type=\"post\" data-id=\"43\">HSAs<\/a>, you don&#8217;t pay any taxes on withdrawals\/reimbursements from FSAs as long as it&#8217;s for an eligible medical expense.  One nice thing about flexible spending accounts is that you can use them to pay for medical expenses even if you haven&#8217;t placed the necessary funds into the account <strong>yet<\/strong>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Employers looking to start using FSA accounts for their employees might refer to are <a href=\"http:\/\/payflex.com\" target=\"_blank\" rel=\"noopener\">payflex.com<\/a> and <a href=\"http:\/\/wageworks.com\" target=\"_blank\" rel=\"noopener\">wageworks.com<\/a> as a good place to learn more about them and open the accounts.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Disclaimer: I am not any sort of investment or financial professional giving any sort of legal advice. I&#8217;m just some guy trying to teach other people about how they might navigate the financial world<\/strong>.<\/p>\n\n\n\n<p><\/p>\n\n\n<form role=\"search\" method=\"get\" action=\"https:\/\/moneymakersandsavers.com\/\" class=\"wp-block-search__button-outside wp-block-search__text-button wp-block-search\"    ><label class=\"wp-block-search__label\" for=\"wp-block-search__input-1\" >Search<\/label><div class=\"wp-block-search__inside-wrapper \" ><input class=\"wp-block-search__input\" id=\"wp-block-search__input-1\" placeholder=\"\" value=\"\" type=\"search\" name=\"s\" required \/><button aria-label=\"Search\" class=\"wp-block-search__button wp-element-button\" type=\"submit\" >Search<\/button><\/div><\/form>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What are FSAs? FSA accounts are a type of investment are used to help pay for healthcare-based expenses, similar to HSAs. Unlike HSAs, they are employer-sponsored plans meaning you can&#8217;t open one on your own. In that way, they are more comparable to 401ks, which are also employer-sponsored accounts. The equivalent to the IRA would&#8230;<\/p>\n","protected":false},"author":159998695,"featured_media":2637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1362,1368],"tags":[1386,1385,1382],"_links":{"self":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/posts\/62"}],"collection":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/users\/159998695"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/comments?post=62"}],"version-history":[{"count":0,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/posts\/62\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/media\/2637"}],"wp:attachment":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/media?parent=62"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/categories?post=62"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/tags?post=62"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}