Does FSA cover massages?

July 7, 2024 No Comments

A: Flexible spending accounts (FSAs) cover massages for certain medical treatments. These treatments must be approved and prescribed by a physician. Medical Conditions The Internal Revenue Service (IRS) has ruled that massage therapy for the sole purpose of tension and stress relief does not qualify

Can you fund nonqualified deferred compensation plans with life insurance?

July 7, 2024 No Comments

A: It is possible to fund nonqualified deferred compensation plans with life insurance. A nonqualified deferred compensation plan is a binding contract between an employer and an employee. The employer makes an unsecured promise to pay an employee’s future benefits, subject to the specific terms

Can your insurance company cancel your policy without notice?

July 7, 2024 No Comments

A: In most states, an insurance company must give a policyholder written notice of at least 30 days before canceling a policy. The policy between the insurance company and the insured is a formal contract that specifies the reasons the insurer can cancel the policy

Can your insurance company drop you after an accident?

July 7, 2024 No Comments

A: It is possible, but highly unlikely, for an insurer to cancel a policy after one accident. If the accident results in a suspended driver’s license or is alcohol- or drug-related, however, there is a higher likelihood of the policy being canceled. High-Risk Drivers Insurance

Can your insurance company drug test you?

July 7, 2024 No Comments

A: Insurance companies have the right to require drug tests for health insurance and life insurance policies, but not all of them ask for these tests. It is common to have blood work and urine samples tested for illegal and prescription drugs and alcohol. Any

Dental coverage on flexible spending account (FSA)

July 7, 2024 No Comments

A: Flexible spending accounts (FSAs) are accounts that allow employees to obtain reimbursement for various medical expenses. Because FSAs are classified as tax-exempt savings accounts, no employment or federal income taxes are deducted from contributions. The IRS states that an FSA has no reporting requirements for the

Difference between a peril and a hazard

July 7, 2024 No Comments

A: The two related terms, “peril” and “hazard,” are often used in reference to the insurance industry. Essentially, a peril is something that causes, or can cause, a loss, while a hazard is something that makes the occurrence of a peril or loss more likely.

Do flexible spending accounts (FSA) funds roll over?

July 7, 2024 No Comments

A: An individual can utilize an employer’s cafeteria plan of employee benefits to establish a flexible spending account (FSA). An employee can roll over savings in the account from one year to the next. However, as of 2015, the maximum amount that can be rolled

Do Flexible Spending Accounts (FSAs) expire?

July 7, 2024 No Comments

A: Flexible Spending Accounts (FSAs) do expire and are considered to be a “use it or lose it” type of plan. They are savings accounts provided by employers to allow employees to defer portions of their salaries to be reimbursed for eligible expenses, such as

Can a Flexible Spending Account (FSA) be used for a spouse?

July 7, 2024 No Comments

A: The U.S. Internal Revenue Service (IRS) allows Flexible Spending Account (FSA) funds to be used for qualified medical expenses incurred by an account owner and his spouse. Additionally, the IRS allows FSA funds to be used by any person claimed as a dependent on

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