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FLEXIBLE SPENDING ACCOUNT - GROUP INSURANCE
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A Flexible Spending Account is a cafeteria plan under Section 125 of the tax code. It is a tax favored savings account funded solely by the employee through regular pre-tax payroll deductions. The funds (account) can be withdrawn tax-free to pay for eligible medical, dental, vision, prescription and dependent daycare expenses. Employees elect how much they want withdrawn from each pay period, which can be changed annually or upon a qualifying event such as marriage or divorce. The average working employee in America spends more than $1,000 annually on these types of benefits. By participating in a FSA, an employee's taxable income is reduced, which increases the percentage of pay they take home.
Let Northwest General Insurance and Financial Services show how to set up and maintain FSAs for your employees.