Flexible Spending Accounts (FSAs)
A Flexible Spending Account (FSA) lets you set aside money from your paycheck on a pretax basis to use for eligible out-of-pocket expenses. There are three types of FSAs.
- Health Care FSA – You can use this account to pay for eligible medical, dental, vision, hearing and prescription drug expenses for you, your spouse and your eligible tax dependents.
- Dependent Care FSA – You can use this account to pay for eligible child and adult care expenses like day care, before and after school care, nursery school, preschool, and summer day camp.
- Limited Purpose FSA – You can generally use this account to pay for eligible dental and vision expenses. Eligible expenses may also include prescriptions, over-the-counter items and other health expenses based on your plan. You can enroll in this account, if you have a Health Savings Account (HSA).