Flexible Spending Account (FSA)
A Flexible Spending Account (FSA) is an account you set up to pre-fund your anticipated eligible medical expenses and dependent care expenses on a tax-free basis. Your participation in these accounts does not automatically continue from year to year – you must set up FSAs each year. Your FSA funds are evenly deducted from your paychecks before taxes are calculated which lowers your taxable income and saves you tax dollars on money you plan to spend anyway. You may choose from two accounts – Health Care FSA and a Dependent Care FSA and may contribute as little as $240 or as much as $2,500 per year to the Health Care FSA and $5,000 per year to Dependent Care FSA.
FSA healthcare eligible expenses
Cafeteria Plan with Flexible Spending Arrangement
FSA Healthcare and Dependent Care claim forms