Asked by Riranda Moorman on May 23, 2024
Verified
Describe how a health care spending account works.
Health Care Spending Account
A tax-advantaged account that employees can use to pay for eligible health care expenses not covered by insurance.
- Appraise the considerations that play a role in establishing the components of an indirect remuneration package.
- Identify the importance of particular advantages in facilitating a harmonious balance between work and life for staff members.
Verified Answer
RC
Robert CreelMay 25, 2024
Final Answer :
A health care spending account is a tax-favoured employee benefit that allows employees to utilize employer-provided health care credits to purchase a wide array of health care services.Employers place a certain amount of money or health care credits in a separate account for each employee,who then draws on them for the aforementioned services.
Learning Objectives
- Appraise the considerations that play a role in establishing the components of an indirect remuneration package.
- Identify the importance of particular advantages in facilitating a harmonious balance between work and life for staff members.