Also known as Section 125 or Flexible Spending Accounts (FSA) is an IRS recognized program to facilitate employee payment of certain unreimbursed health care and dependant care expenses on a pre-tax basis.
Qualified expenses include covering premiums for employees and their dependents as well as qualified medical expenses not covered by insurance. Dependent care can also be a qualified expense through a cafeteria plan. For a full listing of qualified and non-qualified expenses you can go to www.irs.gov.
For the employer the benefits include payroll tax and worker’s compensation savings on pre-tax deductions. It can also help with recruitment as a valuable addition to a benefits package. For the employee there is a tax saving on amounts paid for qualified expenses.
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