Learn more about Flexible Spending Accounts (FSA) and calculate contributions for next year.
Use pre-tax dollars to pay for your everyday expenses:
A Flexible Spending Account (FSA) offers a smart, simple way to set aside money tax free to cover the everyday expenses you know you'll have in the coming year. You can use it to pay for eligible non-covered medical or dental expenses, child care, and even dependent adult care costs.
Using pre-tax dollars increases your spendable income:
Because your contributions to an FSA are made before taxes are deducted from your pay, you reduce your total taxable income and get to keep more of every dollar you earn. You can choose one or both account options:
- Health Care FSA (for your medical and dental expenses) - Ask your employer to find out if there is a minimum or maximum amount you can contribute.
- Dependent Care FSA (for your child and/or adult dependent care expenses) - The IRS allows you to contribute up to $5,000 annually per family ($2,500 for married couples who file separate tax returns). Ask your employer if there is a minimum you can contribute.
Automatic claims transfer means no hassle:
If you are enrolled in one of our health and/or dental plans, your copayments, deductibles and other eligible out-of-pocket costs, such as prescription drugs and eyewear, will be automatically forwarded for processing under your FSA. You won't have to worry about submitting claims or receipts for these services.
For more information, Members: contact Lifetime Benefit Solutions.