Save smart with a Flexible Spending Account (FSA)
FSAs let you set aside money from your paycheck (on a pretax basis) to use for eligible out-of-pocket expenses. There are two kinds of FSAs you may choose to participate in.
- A Health Care FSA is used to reimburse yourself for medical, dental and vision expenses not covered by your health plan.
- A Dependent Care FSA is used to reimburse yourself for child or adult day care services needed because you work.
- You do not have to be enrolled in an employer-sponsored health plan to enroll in an FSA — you may enroll in one or both.
- You must enroll every year – your current election does not carry forward from year to year.
- FSAs are available to active employees in several employment categories, however there are eligibility requirements. See your employer’s FSA plan information for details.