What is a FSA?
Flexible Spending Accounts are offered by your employer as part of your cafeteria plan options, along with things like health, dental, and vision insurance and disability benefits.
FSAs are designed to help you save money on the things that you already spend money on throughout the year. There are several types of FSA option, including:
Covers health expenses like doctor’s visits, dental care, prescriptions, and eyeglasses
Covers the cost of care for children 12 years old and younger or disabled dependents while you and your spouse or partner are working or looking for work
Covers parking costs at the workplace, such as for a garage pass or street parking
Covers the cost of mass transit to and from work, such as the bus, train, subway, or vanpool
You can elect however much you need to set aside for the year, up to the maximum legal limit. This money is then pulled directly from your paycheck, pre-tax, for you to spend as needed on expenses as they happen.
How do I enroll?
FSAs are an employer-sponsored plan, so you will need to enroll through your employer during the open enrollment period. Elect the type of account you want to enroll in and the amount you wish to elect to maximize your savings.
If your employer doesn’t currently offer an FSA option, contact your HR representative and let them know that you’re interested in Flexible Spending Accounts. We would love to connect with them about our solutions for FSA administration.