Question:

What is a Health Flexible Spending Account?

Answer:

A health flexible spending account (HFSA) lets employees set aside pre-tax money from their paycheck during the year, and they can use this money to pay for eligible healthcare expenses for themselves, their spouse, or their dependents. The funds in these accounts are typically “use it or lose it,” with some exceptions for carryover or grace period options, based on the employer’s plan design.

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This Q&A does not constitute legal advice and does not address state or local law. Answer from Angela, CIC, CISR, SHRM-CP