Flexible Spending Accounts (FSAs) help you save money by allowing you to pay for certain types of health care and dependent care expenses on a pre-tax basis. You decide how much money to put aside each pay period to cover these expenses up to the maximum. This amount is then deducted from your pay before taxes and deposited into your FSA. When you need money to cover an eligible expense, you can get reimbursed using a variety of reimbursement methods. Remember to always keep your receipts.
Contributing to a Health Care Flexible Spending Account (FSA) is an easy way to lower your taxable income while paying for your health care. Your contributions are made on a pre-tax basis, and when claims are paid, you are reimbursed with the tax-free money you have set aside. Qualified health care expenses for you and your eligible dependents include expenses that are not paid under any other health care plan.
Health Care Flexible Spending Accounts are considered “use it or lose it” accounts, so be sure to plan carefully when electing your annual contribution amount.
Contributing to a Dependent Care FSA is an easy way to lower your taxable income while paying for the care of a qualified dependent while you (and your spouse, if you are married) work.
Contributions to your Dependent Care FSA cannot be used to reimburse any health care expenses.
Dependent Care FSAs are considered “use it or lose it” accounts, so be sure to plan carefully when electing your annual contribution amount.
Employees whose benefit plan participation is governed by a collective bargaining unit must refer to the collective bargaining agreement to identify the benefit plans in which the collective bargaining unit participates. The benefits on this site do not apply to collective bargaining units.