Let's be flexible.Flexible spending accounts flexible spending account, n an employee reimbursement account primarily funded with employee-designated salary reductions. Funds are reimbursed to the employee for health care (medical and/or dental), dependent care, and/or legal expenses and are , used most commonly for health care and dependent care, allow employees to open tax-deferred savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: to meet health care expenses not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by insurance plans or to pay a day care center, for example. However, these accounts must be spent by yearend or the money is forfeited for·feit n. 1. Something surrendered or subject to surrender as punishment for a crime, an offense, an error, or a breach of contract. 2. Games a. . Average contribution from participating employees for Health care $744 Dependent care $2,848 Average savings forfeited at yearend $136 Employers offering flexible health care accounts reporting forfeitures 91% [GRAPH OMITTED] |
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