According to a new survey, many Americans do not understand how flexible spending accounts can save money on routine out-of-pocket health care costs.
Of the survey respondents, 86 percent had at minimum of one misunderstanding about FSAs. One in five respondents incorrectly believe FSA contributions are subject to income and social security taxes, and more than half say they understand FSAs the least, compared to other benefit options, such as health and dental insurance and 401(k) plans.
Nearly 80 percent of household decision makers found it difficult to identify expenses that qualified for FSA reimbursement, including insurance co-payments, over-the-counter products, dental and vision care.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
