Question
With an Aetna Flexible Spending Account, employees put in a portion of their salary before taxes. The "flexibility" in the fund's name comes from employees' ability to reimburse themselves not only for eligible medical expenses but some other costs as well. Here are some other details:
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Question |
Answer |
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Who is eligible? |
All employees, as defined by the IRS. |
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Who can contribute? |
Employer, individual or both. |
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Does the balance carry over? |
New IRS guideline will allow up to $500 rollover. |
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Can rollover contributions from another account be made to this account? |
No |
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Is the fund or account portable? |
No |
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Are there interest or investment earnings? |
No |
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What are the tax advantages? |
Employers with a cafeteria plan enjoy FICA tax savings. |
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Are the contributions taxable income to the employee? |
No
In addition, contributions are not subject to FICA and FUTA taxes. |
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Are the distributions / reimbursements taxable income to the employee? |
No |
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