These five acronyms require only eight letters of the English alphabet, but their mixture is far from simple. How do these terms fit together? Let’s look at them one at a time.
A Health FSA is a flexible spending arrangement that is sponsored by an employer. Employees and employers can contribute to it. Major restrictions include use-or-lose, uniform coverage and a prohibition on reimbursing individual premiums. The FSA typically reimburses out-of-pocket expenses not covered by a major medical plan.
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