Flexible Spending Accounts

Flexible Spending Accounts allow you to save pretax money through payroll deductions to cover healthcare (medical, prescription, dental and vision) and/or daycare expenses, up to an annual limit set by the IRS.

All the money you save must be used before the annual deadline or you forfeit the money.

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Current Healthcare FSA Limit

$3,200

If you’re enrolled in the Silver option, you can contribute pretax money to a Dental and Vision FSA. It works like the Healthcare FSA, but you can only use it for qualified dental and vision expenses.

Dependent Daycare Flexible Spending Account

Save money to cover child and elder care expenses through convenient pretax payroll contributions throughout the year.

You can make pretax contributions to a special savings account that you can use to pay for preschool, summer day camp, before or after school programs, and child or adult daycare. We call it the Dependent Daycare FSA. You may save up to $5,0001 and you must use 100% of the money you save before the IRS-required deadline, or you’ll forfeit any remaining balance.

One word of caution: Unlike the Healthcare FSA, you have to save money before using your account balance to pay for expenses. Until you get enough saved up to pay a bill, you’ll have to cover the cost out of pocket while saving pretax money in this account. Then you can reimburse yourself. If you’re concerned that this may be too difficult, this FSA may not be the savings vehicle for you.

1Married individuals who file separate tax returns may each save $2,500.

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