A new standard benefit
at many US
companies. A Flexible Spending Account (FSA
) allows an employee to predesignate
an amount of money
to be withdrawn
from their pay, up to 3000USD
. This money is taken out pre-tax
, and is placed into an account managed by the company.
The employee may submit reimbursement against the account for uncovered medical expenses, and receive payment up to the total expected value of the account. If at the end of the year, the employee has not received reimbursement equal to the value of the account, any extra is returned to the company.