Flexible Spending Accounts
Set aside pre-tax dollars for health care and dependent care, and lower your taxable income doing it.
FSAs let you stretch your dollars by setting aside pre-tax money for eligible expenses. Each year you elect the annual amount you want to contribute to each account. Contributions are deducted pre-tax from your paycheck, reducing your taxable income.
There are three types of FSAs:
- Health Care FSA
- Limited Purpose FSA
- Dependent Care FSA
FSA rules to keep in mind
- The IRS applies a strict use-it-or-lose-it rule. At the end of the calendar year any funds above the rollover amount are forfeited.
- Once you enroll you can only change your contribution if you experience a qualified status change.
- Each account works separately. You cannot transfer funds from one FSA to another.
Manage Your FSA
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Compare FSA Accounts
| Health Care FSA | Limited Purpose FSA | Dependent Care FSA | |
|---|---|---|---|
| Who can contribute | Employees enrolled in the PPO $850 | Employees enrolled in the CDHP $3,500 or CDHP $2,000 | All benefits-eligible employees |
| Annual contribution limit | $3,400 | $3,400 | $7,500 ($3,750 if married and filing separately) |
| Eligible expenses¹ | Medical, dental and vision deductibles, copays and coinsurance | Dental and vision expenses only | Daycare for children under age 13, disabled children and dependent adults |
| When funds are available | The full annual amount you elect, on your plan effective date | The full annual amount you elect, on your plan effective date | Reimbursed up to the amount currently in your account |
| Payment options | Debit card or reimbursement | Debit card or reimbursement | Debit card or reimbursement |
| Services deadline | 12/31/26 | 12/31/26 | 12/31/26 |
| Rollover allowance | Up to $680 into the 2027 plan year | Up to $680 into the 2027 plan year | None |
| Reimbursement deadline | 3/31/27 | 3/31/27 | 3/31/27 |
| Unused funds | Anything above the rollover is forfeited | Anything above the rollover is forfeited | Forfeited |
¹ See IRS Publications 502 and 503 for complete lists of eligible expenses.