What Is A Health Care Flexible Spending Account (FSA)? How Does It Work?

February 2, 2010 | by Bible Money Matters

Over the past few months my employers have been scrambling to try and manage the company’s health care costs in light of pending increases in premiums both for the company, and for employees. With all the uncertainty with pending health care legislation, increased taxes and other concerns the company has put off making any huge decisions on health care this year, and we’re choosing to continue our coverage, but with a large increase in premiums. Next year the company may be moving to a Health Savings Account (HSA) system to help manage costs. This will mean higher deductibles, which for some people will mean paying more out of pocket. We’ll see how it works out.

One thing we decided to do this year, that we probably should have done in past years, was to sign up for my company’s health care flexible spending account or FSA. this should allow us to save a bit of money on our taxes this coming year. FSAs aren’t for everyone, for reasons that we’ll go into below...read the full article

Tags	flexible-spending-account, fsa
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