Flexible Spending Accounts (FSA) are tax-advantaged financial accounts that allow employees to set aside money for specific health care expenses not reimbursed by a medical plan or for dependent care expenses.
FSA accounts are governed by the Internal Revenue Service (IRS). Helpful information about each type of Flexible Spending Account is provided below.
To open a FSA account, new employees can select their choices during New Employee Orientation. Current employees can open a FSA or make changes to their FSA during Benefits Open Enrollment each fall.
When electing an FSA, estimate your expenses carefully because any money not used by the annual deadline will be forfeited. You have until March 31 to submit claims for the prior year.