Flexible Spending Accounts Help Consumers Afford Health Care
- Flexible spending accounts (FSAs) allow participants to contribute pre-tax dollars from their paychecks to pay for out-of-pocket health care expenses not covered by insurance
- The recently approved health care reform bill will restrict FSAs by imposing a $2,500 limit on FSA contributions and requiring a doctor’s note for the purchase of over-the-counter medications
- Providing quality, affordable care for all Americans should not be at the expense of hard-working Americans who rely on FSAs to manage their health care costs
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What are Flexible Spending Accounts? |
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Flexible spending accounts (FSAs) are voluntary, account-based plans used by millions of Americans across the country. FSAs enable working Americans and their families to pay for eligible out-of-pocket health care needs, such as co-pays for prescription drugs, office visits and medical supplies, with pre-tax dollars. |
FSAs are a tool for the wealthy.
FACT:
FSAs are used primarily by the working middle class. The average FSA participant annually earns approximately $55,000.
