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.
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