Flexible Spending Accounts (FSAs) are optional accounts set up to help eligible employees decrease taxes and increase take-home pay. Use the money in a Flexible Spending Account to pay for eligible medical and dependent care expenses.When a Flexible Spending Account is established, the employee will receive a debit card to access account funds. Employees now have the option to pay for eligible expenses without waiting for reimbursement checks and also minimize out-of-pocket expenses at the time of service.
Brown University offers two types of accounts to help stretch paycheck dollars.
Healthcare Flexible Spending Account
A healthcare flexible spending account allows employees to set aside pre-tax dollars to pay for eligible health and/or dental care expenses such as:
- Coinsurance, copayments, and deductibles
- Certain over-the-counter products
- Dental, vision, and hearing expenses that aren't covered by the plan
- Weight loss (i.e., obesity-related) and smoking cessation
Dependant Care Flexible Spending Account
A dependent care flexible spending account allows employees to set aside pre-tax dollars to pay for eligible dependent care expenses such as:
- After-school day care expenses
- Preschool tuition
- Elder care
- Day camp
To obtain more information, call Benefit Strategies LLC at 1-800-371-7542.