Health Care Flexible Spending Accounts

Description:

Health care Flexible Spending Accounts (FSAs) are benefit plans established by employers to reimburse employees for health care expenses such as deductibles and copayments. The contributions to and withdrawals from FSAs are tax-exempt. On June 7, 2012, the House passed H.R. 436, the Health Care Cost Reduction Act of 2012, which would allow up to $500 of unused balances in health FSAs to be distributed back to the account
holder after the plan year ends and to allow over-the-counter prescriptions to be a qualified medical expense. The bill has been sent to the Senate for its consideration. Similar bills in the Senate have been referred to the Senate Finance Committee (S. 1368 and S. 1404). This report discusses these bills in greater detail.

Creator(s): Mulvey, Janemarie
Location(s): United States
Creation Date: June 13, 2012
Partner(s):
UNT Libraries Government Documents Department
Collection(s):
Congressional Research Service Reports
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Past 30 days: 6
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Creator (Author):
Mulvey, Janemarie

Specialist in Health Care Financing

Publisher Info:
Place of Publication: Washington D.C.
Date(s):
  • Creation: June 13, 2012
Coverage:
Place
United States
Description:

Health care Flexible Spending Accounts (FSAs) are benefit plans established by employers to reimburse employees for health care expenses such as deductibles and copayments. The contributions to and withdrawals from FSAs are tax-exempt. On June 7, 2012, the House passed H.R. 436, the Health Care Cost Reduction Act of 2012, which would allow up to $500 of unused balances in health FSAs to be distributed back to the account
holder after the plan year ends and to allow over-the-counter prescriptions to be a qualified medical expense. The bill has been sent to the Senate for its consideration. Similar bills in the Senate have been referred to the Senate Finance Committee (S. 1368 and S. 1404). This report discusses these bills in greater detail.

Physical Description:

12 pages.

Language(s):
Subject(s):
Partner:
UNT Libraries Government Documents Department
Collection:
Congressional Research Service Reports
Identifier:
Resource Type: Report
Format: Text