Flexible Savings Account FSA
The definition of Flexible Savings Account FSA, and how it fits into the Zenefits Health Insurance Marketplace
What is an Flexible Savings Account (FSA)
A flexible spending account (FSA) allows eligible employees to set aside pre-tax money via payroll deductions into a tax-free account and use this money to pay for eligible health care expenses. Zenefits offers two types of FSAs:
- Health Care FSAs pay for out-of-pocket health care expenses (e.g., doctor copays, prescriptions, deductible expenses, and other FSA Eligible Expenses) not covered by insurance.
- Child & Elderly Care FSAs pay for the care of a dependent child or adult so that employees can work or look for work (Learn More).
How does a Flexible Savings Account (FSA) Work?
Individuals that enroll in a Flexible Savings Account can use any funds allocated to the account, for eligible medical expenses.