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With your health care flexible spending account
A simple way to save
Your health plan comes with a flexible spending account (FSA). You decide how much money you want to put into your FSA for the year. That money is then set aside from your income, before taxes, to pay for qualified health care costs.
What are the benefits of an FSA?
Lower your taxes
FSA contributions are deducted from your paycheck before taxes, reducing your taxable income.
Equal deductions
Money is deducted from your paycheck in equal amounts throughout the year, so you don’t get hit all at once.
There’s no waiting
You can spend your total FSA contribution amount from day one of your plan, regardless of how much you’ve contributed to date.
Want to learn more?
This video breaks down the basics of how a health care FSA works.
What expenses are qualified?
Common qualified expenses include:
Doctor visits
Copays
Deductibles
Your percentage of costs
Dental care
Vision
Prescriptions
Get the full list of qualified expenses from the IRS.
How can I contribute to my FSA?
You decide how much you want to contribute to your FSA, up to the IRS maximum ($2,700 for 2019). The money is deducted from your paycheck by your employer throughout the year and deposited into your FSA.
Under IRS rules, you can only change your contribution amount mid-year if you experience a life change, such as getting married or divorced or having a baby.
Wondering how much you’re saving with your FSA?
This calculator does the hard work for you.
How do I use my FSA funds?
Debit card
You’re able to pay directly from your account using a benefits debit card, if available. It can be used anywhere debit cards are accepted.
Online bill pay
You can also use online bill payment to pay for expenses.
Reimbursement
If you pay for medical expenses out-of-pocket, you’ll need to submit a claim for reimbursement. You can submit claims for reimbursement at any time during the same plan year that you incur the expense. There’s typically a grace period after the end of each year. Check with your employer to confirm claim submission deadlines.
Don’t forget to save your receipts!
You might need to verify expenses.