Albany Health Insurance
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Learn the tax benefits of a Flexiblebenefits Plan
By Jakob Jelling
Flexible-benefits Plan (FBP) is an employee benefits plan which helps the employees' to save considerable amount of taxes by paying certain expenses from their pre-tax income. Some of the eligible expenses from pre-tax income are medical, vision, dental, elder care, and dependent care. All state employees who get a regular paycheck are entitled to participate in the flexible-benefits plan.
Flexible-benefits Plan mainly boasts three components:
- Health Flexible Spending Account (HFSA) - Dependent Care Reimbursement Account (DCRA) - Health insurance premium deduction
Flexible-benefits Plan's reimbursements are made occasionally, mostly once in a week. You will...
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