AmeriHealth+ FSAs (Flexible Spending Accounts) are personal accounts which are typically funded by members, but can also be funded by the group. FSAs can reduce a group’s exposure to certain federal and state income taxes. Groups lower their FICA taxes because participation reduces a member’s taxable income base. At the same time, members benefit from FSAs by using pre-tax income to pay for eligible medical and dependent care expenses. FSA funds must be spent on eligible expenses during the plan year. If the FSA account is not fully depleted, the balance is forfeited at the end of the plan year. FSAs are not portable to another group and have annual reelection and expiration requirements.
Contact Information
For more information, complete an online information request, contact your broker, or call 1-866-681-7372.
|
