A Flexible Spending Account or NC FSA is a tax deductible contribution that employees may make towards expected health care expenses. The amount you determine is deducted directly from your paycheck before taxes, saving you money. FSA’s cannot be used to pay for insurance premiums, but may be used to pay for deductibles, copayments, medical supplies, certain prescriptions, and other covered health care costs.
The Independent Benefit Advisors can assist with helping employers and individuals with Flexible Spending Accounts in North Carolina. Our team of certified insurance agents have experience in assisting with NC FSA and NC HSA (Health Savings Account). Contact IBA now to learn more about Flexible Spending Accounts in North Carolina.
The specific health care needs you and your family have will determine how much you contribute to your NC FSA and how best to set it up. The Independent Benefit Advisors can help you to determine your expected health care costs covered by a NC FSA so you can set the amount that you wish to contribute. Money dedicated to Flexible Spending Accounts in North Carolina is not taxed, saving you money. You must use the money by the end of the year or it is lost.
While Flexible Spending Accounts in North Carolina cannot be used to pay insurance premiums for you or your family, a NC FSA can be used on dental and vision care, copayments, some and other healthcare costs. There are two different types of Flexible Spending Accounts in North Carolina, a Medical Expense Reimbursement Account and a Dependent Care Reimbursement Account.
Medical Expense Reimbursement Account
- Covers medical, dental and vision expenses that are only partially covered or not covered at all by your insurance. Some examples include:
- Dental Care
- Drug Copays
- Maximum Contribution $2,700
Dependent Care Reimbursement Account
- Covers amounts you pay to daycare centers, babysitters, caregivers or after school programs that allow you and your spouse to work.
- Maximum Contribution $5,000
Contact the Independent Benefit Advisors for more information on Flexible Spending Accounts in North Carolina, including information on Dependent Care Reimbursement & Medical Expense Reimbursement Accounts