
AAA insurance review 2022
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Flexible spending account is a money term you need to understand. Here’s what it means.
If you have a health plan through your employer, you may be offered a flexible spending account (FSA). You can contribute to an FSA so you can pay for medical and dental costs, including copayments, deductibles and prescription drugs. FSAs are popular because they allow you to put money into your health savings account without paying taxes.
Some employers will make contributions to your FSA, but none are required to do so. Your total allowable contribution to an FSA in 2017 to $2,600.
Some of the most popular features of FSAs:
When you’re making your decision on whether to utilize a flexible spending account, consider the following advantages:
Even with those advantages, FSAs have the following drawbacks that should also be weighed:
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