How do I use my FSA account?

You can use funds in your FSA to pay for certain medical and dental expenses for you, your spouse if you’re married, and your dependents. You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums. You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor's prescription.

What are the benefits of an FSA account?

An FSA is a benefit offered by an employer that allows employees to put their pre-taxed income aside to pay for medical and dependent care costs. The benefit of using money from your FSA rather than your checkbook to pay for approved expenses is that the money in an FSA is the gross amount you earn without taxes deducted.

How much can you contribute to an FSA per year?

The IRS limits how much can be contributed to an FSA account per year. For medical expense FSA accounts, the annual contribution limit per employee is $2,750 for 2021 and $2,850 for 2022. If you are married, your spouse can also put aside up to the annual contribution limit through their employer.