It is a Flexible Spending Account you can enroll in when you have a Health Savings Account. It allows you to be reimbursed tax-free for dental and vision expenses. You elect the dollar amount you want to contribute and the money is deducted in equal installments from your paychecks before taxes are withheld. You will be reimbursed once you show proof that the service was received and that it was for a qualified expense. Participants in the plan will save up to 30% in taxes on out of pocket expenses.
In addition to the tax savings, you have the benefit of having access to your entire election amount as soon as the plan year begins. It is like receiving an advance payment to pay for your expenses, meaning if you incur an expense early in the plan year, you can use up to your entire election amount to pay your bill. The money will be deducted from your paycheck over the course of the entire year, easing your financial burden.
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