Flexible Spending Accounts

Flexible Spending Accounts (FSAs) provide a tax-advantaged way to pay for eligible health care and dependent care (includes elder care) expenses. FSAs let you save for eligible health and dependent care expenses with dollars that are automatically withheld from your paycheck before taxes. The amount you save depends on your tax bracket.

There are two types Flexible Spending Accounts:

  • Health Care Spending Account
  • Dependent Care Spending Account

 Each year you choose to participate in one, both, or neither account; you are not automatically re-enrolled. You cannot transfer money between the accounts.

Flexible Spending Account (FSA) Utilization Reminder

As a reminder, the money in your FSA must be used for eligible expenses that are incurred and paid for by the end of the calendar year (December 31st, 2021). You have until March 31st, 2022 to submit your reimbursement requests. After that, any unused funds in your account will be forfeited (known as the IRS “use it or lose it” rule).

For more information on how to manage your FSA account, how to file a claim, and for a list of eligible healthcare and dependent care expenses, please review the tabs below.