An arrangement you set up through your employer to pay for many of your out-of-pocket medical expenses with tax-free dollars. These expenses include insurance copayments and deductibles, and qualified prescription drugs, insulin and medical devices. You decide how much of your pre-tax wages you want taken out of your paycheck and put into an FSA. You don’t have to pay taxes on this money. Your employer’s plan sets a limit on the amount you can put into an FSA each year. There is no carry-over of FSA funds. This means that FSA funds you don’t spend by the end of the plan year can’t be used for expenses in the next year. An exception is if your employer’s FSA plan permits you to use unused FSA funds for expenses incurred during a grace period of up to 2.5 months after the end of the FSA plan year. (Note: Flexible Spending Accounts are sometimes called Flexible Spending Arrangements.)
Building your foundation of essential knowledge about individual health insurance policies.
What Is Individual Health Insurance?
Regulated under state law, individual health insurance is coverage purchased by an independent person (like you), not provided by an employer. Although it is called individual health insurance, the available policies can cover your family.
The Affordable Care Act (ACA) was signed into law by President Barack Obama to enable all Americans to access health insurance. Having health insurance provides a layer of financial protection from medical bills, but finding the right policy can require careful consideration and time.
Looking for reasonable health insurance quotes during an enrollment period takes time and patience. You need to choose which companies to contact, figure out which of their policies work for you, then see if they’re within your budget.