Flexible Spending Accounts
What is a Flexible Spending Account (FSA)?
Authorized by the Internal Revenue Service (IRS), a Flexible Spending Account (FSA) is a tax advantaged way to pay for certain medical and/or dependent care expenses. This added benefits allows you to pay for these expenses using pre-tax dollars, thus lowering your taxable income which results in a higher take home pay.
There are two types of FSAs. First, the Medical Care FSA helps you pay for medically necessary expenses not covered or only partially covered by your health, dental or vision insurance. Second, the Dependent Care FSA helps you pay for certain dependent care expenses such as daycare for a child or an elderly adult. You may elect to participate in one or both of these accounts.
View additional questions:
- What is a Flexible Spending Account (FSA)?
- How much can I contribute to each account?
- What expenses are reimbursable under each of the plan?
- How do I enroll in a Medical Care or Dependent Care FSA?
- Do I have to participate in my employer's medical insurance plan to enroll in the Medical Care FSA?
- What's better for me, the Dependent Care FSA or the Federal Dependent Care Tax Credit?
- Can I change my Medical Care or Dependent Care election at any time?
- When can I submit a claim for reimbursement?
- How do I submit a claim for reimbursement of my expenses?
- What happens if I terminate employment during the year?
- What happens if my expenses are lower than anticipated?
- Are there any filing requirements at the end of the year when I file for my income taxes?