Flexible Spending Accounts (FSA)
Convenient Ways to Pay for the Everyday
Flexible Spending Accounts (FSAs) are offered by your employer to help you pay for qualified medical and dependent care expenses. The money you put into your FSA is taken out of your paycheck before taxes, reducing your taxable income.
Health Care FSAs
Used to pay for health care expenses for you and your dependents, even if those dependents are not covered by your health plan. Those expenses include:
- Medical deductibles, copays & coinsurance
- Prescriptions
- Dental care
- Orthodontia
- Over-the-counter medicines
- Eye exams
- Lasik eye surgery
- Glasses and contact lenses
- Hearing aids
- Diabetes supplies
Limited Purpose FSAs (LPFSA)
If you have an HSA, then you may also be able to enroll in an LPFSA. You can use your LPFSA to help pay for dental and vision expenses instead of dipping into your HSA. This allows you to maximize the long-term savings benefits of your HSA.
Dependent Care FSAs
These FSAs help you save money on care for the people who depend on you the most, like:
- Your qualifying child under age 13 who lives with you
- Spouses, older children, or relatives who are physically or mentally unable to care for themselves and live with you (at any age)
Dependent Care FSAs use pre-tax dollars to help pay for:
- Before- or after-school care.
- Custodial care for dependent adults
- Licensed day care centers.
- Nursery schools / preschools.
- Summer day camp.
How FSAs Work
FSA Account Types |
2022 FSA Contribution Maximum |
2023 FSA Contribution Maximum |
|---|---|---|
|
Health Care |
$2,850 for individuals or families |
$3,050 for individuals or families |
|
Limited Purpose |
$2,850 for individuals or families |
$3,050 for individuals or families |
|
Dependent Care |
$5,000 single or married filing jointly $2,500 if married filing separately |
$5,000 single or married filing jointly $2,500 if married filing separately |
Money in any FSA usually needs to be used in your current plan year or you will lose those funds. Some plans may allow money to carry over or give you extra time to submit expenses. Check with your employer about the details of your FSA.
Ask your employer about enrolling in an FSA Today.
An FSA is a smart way to save on out-of-pocket costs. You can use your FSA to:
- Pay for a variety of qualified medical, dental, and vision expenses with a Health Care FSA.
- Help pay for child care or elder care with a Dependent Care FSA.
- Cover dental and vision expenses with a Limited Purpose FSA and save more money for the future in you HSA.
