With a Flexible Spending Account, you can pay for all of your medical and dependent care related expenses tax-free. This important benefit allows you to save approximately 30% of each dollar spent on approved expenses by paying for them through the FSA.
Contributions to your FSA come out of your paycheck automatically before any taxes are taken out.
This means that you don’t pay federal, Social Security, state or local income tax on contributions to your personal FSA. With your FSA, you will be able to submit claims against the election amount to pay for your medical and prescription out of pocket expenses, dental, vision and dependent care expenses.
The maximum amount you are permitted to contribute is $2,600 for healthcare related expenses and $5,000 for dependent care related expenses per year. If you have more than $500 remaining at the end of the plan year, the balance will be forfeited
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