Case Study: Are Fsas A Good Idea For Business

899 Words4 Pages
Are FSAs a Good Idea for Businesses and Employees? October 8, 2012 Prepared for: Dana Smith, Owner Dental Center of Silver Lakes 17200 Pines Boulevard Pembroke Pines, FL 33027 Prepared by: Shari L. Meredith, Director of Human Resources Dental Center of Silver Lakes 17200 Pines Boulevard Pembroke Pines, FL 33027 Are FSAs a Good Idea for Businesses and Employees? Introduction Objective of the study To determine if Dental Center of Silver Lakes should bring in a flexible spending account (FSA) to the organization, point out the advantages and disadvantages of having said account, and decide if having an FSA would be beneficial to the employees of Dental Center of Silver Lakes. Flexible spending accounts are employer-sponsored…show more content…
-Contributions as little as $5.00 per pay period can be made to the account ("Marion County Oregon-FSA-Advantages and Disadvantages"). Disadvantages of a Flexible Spending Account -The Health Care and Dependent Care accounts contain an IRS Section 125 provision, which specifies if the individual contributes more than what they submit for reimbursement, the unused amount is forfeited at the end of the year ("Marion County Oregon-FSA-Advantages and Disadvantages"). The accounts are known as "USE IT OR LOSE IT" accounts. -As stated above, FSA's do not roll over into the next year, and if the individual does not spend everything allocated in the account, they forfeit the remaining amount (Bond). -Unless the individual's domestic partner is a qualified tax-dependent, the expenses for that domestic partner do not qualify ("Marion County Oregon-FSA-Advantages and Disadvantages"). Reimbursed expenses must be for the individual, spouse, or a tax dependent ("Marion County Oregon-FSA-Advantages and

More about Case Study: Are Fsas A Good Idea For Business

Open Document