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The Flexible Spending Account (FSA) market is a subset of the payroll industry. It is a type of account that allows employees to set aside pre-tax money to pay for certain out-of-pocket medical expenses. This money is deducted from the employee's paycheck and deposited into the FSA. The funds are then used to pay for eligible medical expenses, such as doctor visits, prescription drugs, and medical equipment. The funds are not taxed, so the employee saves money on taxes.
FSA accounts are managed by employers, who are responsible for setting up the accounts and administering them. Employers also decide which expenses are eligible for reimbursement. Employees can access their accounts online or through their employer's payroll system.
There are several companies in the FSA market, including WageWorks, Benefit Resource, and HealthEquity. These companies provide employers with FSA administration services, such as setting up accounts, managing funds, and providing customer service. They also provide employees with access to their accounts and the ability to track their spending. Show Less Read more
