When adding a flexible spending account to any employee health care plan, benefits specialists need to keep in mind the annual contribution limits of this option. They also need to be aware of procedures like the "use it or lose it" rule, and the various types of FSA accounts that they'll be charged with administering to their team of employees. With a firm understanding of how these programs work, the potential for legal issues and conflicts throughout the year will be greatly reduced, while utilization of these key savings account will likely increase among the broader workforce.
- Review the different types of flexible spending accounts.
- Recognize the terms of a flexible spending account program.
- Identify restrictions on flexible spending account contributions.
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