Health Flexible Spending Arrangements

GPTKB entity

Predicate	Object
gptkbp:instanceOf	tax-advantaged account
gptkbp:administeredBy	employer
gptkbp:alsoKnownAs	Health FSA
gptkbp:availableOn	offered by employers
gptkbp:benefit	contributions are pre-tax withdrawals for qualified expenses are tax-free
gptkbp:carryoverOption	up to $640 (2024)
gptkbp:compatibleWith	self-employed individuals
gptkbp:contributionLimit2024	$3,200
gptkbp:eligibility	gptkb:DVD medical equipment prescription drugs medical dental employees of sponsoring employer
gptkbp:establishedBy	Section 125 of Internal Revenue Code
gptkbp:establishedIn	1978
gptkbp:forfeiture	unused funds may be forfeited
gptkbp:fundedBy	employee pre-tax contributions
gptkbp:gracePeriodOption	up to 2.5 months
https://www.w3.org/2000/01/rdf-schema#label	Health Flexible Spending Arrangements
gptkbp:maximumLoanAmount	set annually by IRS
gptkbp:planYear	typically 12 months
gptkbp:purpose	pay for qualified medical expenses
gptkbp:regulates	gptkb:Internal_Revenue_Service
gptkbp:reimbursementMethod	claims submission
gptkbp:relatedTo	gptkb:Health_Savings_Account gptkb:Health_Reimbursement_Arrangement gptkb:Dependent_Care_FSA
gptkbp:useItOrLoseItRule	yes
gptkbp:bfsParent	gptkb:Health_Savings_Accounts_and_Other_Tax-Favored_Health_Plans
gptkbp:bfsLayer	7