“Flexible spending accounts are different from health savings accounts, even though they sound very similar,” explained Clarissa Bradstock, Acting CEO of ANY LAB TEST NOW.
Alpharetta, GA (PRWEB) December 10, 2013
The mantra “Use It or Lose It” has been common when it comes to flexible spending accounts (FSAs). While the rules are no longer as strict as prior years, it’s important to be sure to use the funds in FSAs before the end of the year so your money doesn’t go to waste or back to your employer. ANY LAB TEST NOW® is committed to helping people access affordable, convenient lab testing using their FSA funds.
FSAs are employer-owned accounts which consolidate funds in the amount an employee declares at the beginning of the calendar year. These funds are then deducted from the employee's paychecks and can be used on health care. The money in this account is tax free and works with any type of employer-sponsored health plan. If funds are not used by year end, the employee forfeits that money back to the employer. With recent changes to the rules for FSA accounts, an employer can now allow up to $500 from an employee’s FSA to roll over into the next calendar year. Anything above that amount will be forfeited to the employer. Not every FSA allows for the rollover, checking with employers about eligibility is necessary.
“Flexible spending accounts are different from health savings accounts, even though they sound very similar,” explained Clarissa Bradstock, Acting CEO of ANY LAB TEST NOW. “The primary differences are that health savings accounts require employees to enroll in a high deductible insurance plan, have annual limitations and always roll over to the new calendar year, every year. Also unlike an FSA, employees own their health savings account so they can carry it with them from job to job, while an FSA is employer-owned and cannot be carried to a new job.”
To learn more about ANY LAB TEST NOW, visit http://www.anylabtestnow.com.
About ANY LAB TEST NOW®
Founded in 1992, ANY LAB TEST NOW is a franchise direct access lab testing company that provides thousands of standard lab tests to consumers and businesses in a professional, convenient and cost-effective, transparent manner. With over 150 facilities around the U.S., ANY LAB TEST NOW offers a variety of affordable and confidential lab tests to consumers and businesses including general health and wellness panels, pregnancy, HIV/STD, drug, paternity and many more tests. To learn more about ANY LAB TEST NOW, visit our website or like us on Facebook.