Flexible Spending Accounts
FSA accounts for small businesses in Washington State
Help your employees have more security with an FSA. They’ll enjoy tax benefits and the ability to cover dependents. Offering FSA options and communicating the benefits of a Flexible Spending Account will help your team prepare for future health expenses and take advantage of cost savings.
What is an FSA?
FSA stands for Flexible Spending Account.
There are two types of FSA:
- Healthcare: For eligible medical, dental, and vision expenses, such as plan deductibles, copays, and coinsurance.
- Dependent care: For eligible dependent care expenses, such as daycare for a child.
Benefits of an FSA
- Save on taxes: You can automatically deposit funds from your paycheck pre-tax into your FSA.
- Pay for eligible expenses: These may include medical, dental, and vision care costs, copays, coinsurance, prescriptions, and some over-the-counter medications.
- Paying for eligible expenses is simple. Use your healthcare payment card like you would a debit card to pay for qualified out-of-pocket medical costs. Another option is to pay with your own credit card, cash, or check. Then sign in at SIMON and file the claim for reimbursement by check or direct deposit.
Tip: To manage your FSA online, sign in at SIMON
Great news! All BHT members can take advantage of the tax-savings associated with a Flexible Spending Account. Our Administrator, Vimly, provides FSAs as an additional service. Contact firstname.lastname@example.org.