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FSA Flexible Spending Account
FSA Flexible Spending Account is also known as a flexible spending arrangement. This is a special account you put money into that you use to pay for certain out-of-pocket health care costs. Individuals with a FSA account have the right to go to any bank that offers HSA accounts, let you set up there own HSA or a group HSA. This has nothing to do with his or her employer, if they have a HSA or HDHP compatible health plan.
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You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.
Employers may make contributions to your FSA, but aren’t required to.
Learn about FSA / Flexible Spending Account
For details about your company’s FSA, including how to sign up, ask your employer.
You use your FSA by submitting a claim to the FSA (through your employer) with proof of the medical expense and a statement that it has not been covered by your plan. You will then receive reimbursement for your costs. Ask your employer about how to use your specific FSA.
Read more about how FSA Flexible Spending Account work in this IRS publication (PDF).
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