Flexible Spending Account
What's an FSA?
A Health Care Flexible Spending Account (FSA) lets you set aside part of your paycheck to pay you back for future health care or dependent care expenses. You decide how much to contribute to the account, and the portion of your paycheck you put into your FSA is taken out before you pay federal income taxes, Social Security taxes and most state taxes.
Full-time employees can elect flexible spending account in the first 30 days of employment or during open enrollment in October for a January 1st change. Click here to complete the FSA enrollment form.
How can I use the money?
The Internal Revenue Code specifies how your health care FSA funds can be used. Approved expenses include medical, dental and vision products, or services performed by medical professionals to diagnose, treat or prevent diseases for you and your family. You may be able to use your FSA to pay for expenses like co-payments, or medical expenses not covered by your health plan, like:
Dental care/orthodontia
Eye exams
Hearing aids
Laser eye surgery
Nicotine gum or patches/smoking cessation programs
Vision care products such as glasses and contact lenses
You can also use FSA funds for other items such as alternative drugs and medicines, exercise equipment and programs, even vitamins when they are prescribed by your physician.
What’s the difference between a “health care” FSA and a “dependent care” FSA?
The difference is in how you can use it. Money in your health care FSA can be used to pay for health care expenses, such as prescribed medications, vision and dental care. Your dependent care FSA helps you pay for expenses incurred to care for children or other individuals while you work. Examples of eligible expenses include day care, preschool, babysitting or elder care.