Healthcare Flexible Spending Account
A Healthcare Flexible Spending Account will allow an employee to pay for unreimbursed healthcare costs on a pre-tax basis. Allowable expenses are those medical, dental and other healthcare costs which are generally deductible on Schedule ‘A’ of Form 1040, without regard to the exclusion of 7.5% of Adjusted Gross Income. An employee will be reimbursed up to the employer’s specified election amount.
Eligible Healthcare Expenses for a Healthcare Flexible Spending Account
This guide will provide a quick reference and some answers to Flexible Spending Account (FSA) questions. However, this listing is solely provided as a guide for eligible expenses and is not intended to apply to all plans; each client’s plan may vary and therefore must be consulted. The terms of a particular plan govern any and all decisions regardless of the information contained in this Guide.
This eligibility list is based on our understanding of the IRS rules and regulations pertaining to FSA administration and is not intended to be legal advice. No liability, expressed or implied, is assumed by The Harrison Group for reliance upon this eligibility list for tax-exempt determination of specific healthcare or dependent care expenses. It is recommended that customers consult their own tax professional. Click here for list of Eligible Healthcare Flexible Spending Account (FSA )Expenses.
If you have questions, please give us a call or contact us online. We will be happy to assist you.