What does Flexible Spending Account mean? Read on to discover the definition & meaning of the term Flexible Spending Account - to help you better understand the language used in insurance policies.
Flexible Spending Account
A flexible spending account (FSA) is a scheme in which part of an employee's income is set aside by the employer for the employee to spend on medicine and other health-related expenses, following guidelines set by the Internal Revenue Service. This program exempts some health expenditures from taxation.
We hope the you have a better understanding of the meaning of Flexible Spending Account.