Flexible Spending Account (FSA)

GPTKB entity

Predicate	Object
gptkbp:instanceOf	tax-advantaged financial account
gptkbp:alsoKnownAs	gptkb:FSA
gptkbp:annualContributionLimit	set by IRS
gptkbp:benefit	reduces taxable income
gptkbp:canBe	medical devices prescription drugs copayments childcare qualified medical expenses eldercare
gptkbp:compatibleWith	insurance premiums
gptkbp:contribution	pre-tax
gptkbp:country	gptkb:United_States
gptkbp:dependentCareFSA	covers child and elder care
gptkbp:distinctFrom	gptkb:Health_Reimbursement_Arrangement_(HRA) gptkb:Health_Savings_Account_(HSA)
gptkbp:eligibility	employees of participating employers
gptkbp:employeeContributions	optional
gptkbp:establishedBy	employer Section 125 of Internal Revenue Code
gptkbp:establishedIn	1978
gptkbp:forfeitureRule	unused funds may be lost
gptkbp:fundsAvailable	at start of plan year
gptkbp:fundsUseItOrLoseIt	true
gptkbp:healthFSA	covers medical, dental, vision
https://www.w3.org/2000/01/rdf-schema#label	Flexible Spending Account (FSA)
gptkbp:IRSContributionLimit2023	$3,050 for health FSA $5,000 for dependent care FSA
gptkbp:mayInclude	grace period carryover option
gptkbp:notPortable	true
gptkbp:offeredBy	employers
gptkbp:planYear	typically 12 months
gptkbp:regulates	gptkb:Internal_Revenue_Service
gptkbp:reimbursementMethod	gptkb:credit_card claims submission
gptkbp:requires	plan administrator
gptkbp:subject	forfeiture if unused
gptkbp:usedFor	medical expenses dental expenses vision expenses dependent care expenses
gptkbp:bfsParent	gptkb:Medical_Savings_Account_(MSA)
gptkbp:bfsLayer	7