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What is a Health Care FSA?

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New 2023 Maximum Limit Updates
Be Prepared for Cold & Flu Season with FSAFEDS
Is an FSA right for you?
Frequently Asked Questions
How the accounts work
The tax advantage
How do I access my flexible spending account?
How do I find out how much is on my flex card?
Can you withdraw money from a flexible spending account?
Does flexible spending account expire?

A Health Care FSA (HCFSA) is a pre-tax benefit account that's used to pay for eligible medical, dental, and vision care expenses that are not covered by your health care plan or elsewhere. With an HCFSA, you use pre-tax dollars to pay for qualified out-of-pocket health care expenses.

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Our calculators will help you estimate your Flexible Spending Account contributions and potential annual savings. Your tax savings are based on marginal federal/state rates and FICA.

FSAFEDS Savings Calculators

New 2023 Maximum Limit Updates

The Internal Revenue Service (IRS) has announced 2023 Flexible Spending Account (FSA) contribution limits which increase the amount you may contribute to a Health Care Flexible Spending Account (HCFSA) or a Limited Expense Health Care FSA (LEX HCFSA).

Be Prepared for Cold & Flu Season with FSAFEDS

With the changing temperatures, cold & flu season is not far behind. Your Federal Flexible Spending Account Program (FSAFEDS) account can help you tackle the cold & flu so you can enjoy all the wonder of the season.

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This content in this section provides an introduction to FSAs and covers the basics of this type of account.

Is an FSA right for you?

Frequently Asked Questions

Can I change the amount of money I set aside in my medical FSA during the plan year?Yes. However, you must have a qualifying life change in order to change your election mid-year. Be sure to check with your employer or benefits administrator for additional requirements.

Can I use my medical FSA to pay for my spouse’s deductibles, copayments, or other out-of-pocket medical expenses?Yes. Your medical FSA can be used to cover eligible expenses incurred by you, your spouse, and your dependents .

What expenses can be paid from a medical FSA?Any out-of-pocket and unreimbursed medical expenses allowed under section 213(d) of the Internal Revenue Code, including medical premiums (under limited circumstances) and long-term care expenses.

For a detailed listing, see Eligible Expenses.

If I have both an HSA and an FSA, which account pays first?Blue Cross and Blue Shield of Vermont will always attempt to pay your expenses from the FSA first as this is a “use it or lose it” type of account. However, medical expenses can’t be paid from the FSA during the HDHP deductible so the FSA will be bypassed in this circumstance. To make your FSA work with HSA requirements, your employer should provide a special FSA plan for you instead of a general purpose FSA. A limited purpose FSA is a special FSA that can’t be used for medical expenses but can be used for vision and dental expenses. A post-deductible FSA can pay vision and dental expenses immediately and can also pay medical expenses once the deductible has been satisfied. If the FSA is limited to vision and dental, it can pay for these claims first. However, keep in mind they’re also eligible expenses under the HSA.

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The Unreimbursed Medical and Dependent Care Spending Accounts are a tax-advantaged way to pay for out-of-pocket health care expenses, and work-related daycare expenses. This benefit allows you to reimburse yourself for eligible expenses with "pre-tax" dollars, which means that you get a tax deduction for these expenses before you ever file your tax return. You don't pay federal income or Social Security taxes on this money and, in most states, you don't pay state taxes either.1

Authorized by the IRS, these accounts let you set aside money from your salary before taxes are withheld. As you incur health care expenses or daycare expenses throughout the year, you submit a claim for those expenses, and are reimbursed with tax-free dollars from your account(s).

The Unreimbursed Medical Spending Account reimburses you for out-of-pocket health care expenses for medical, dental, vision, or hearing expenses.
The Dependent Care Spending Account reimburses you for dependent daycare expenses you incur in order to allow you (or you and your spouse) to work.
When you use these accounts, your taxable income is reduced, therefore you will pay less in income taxes.

How the accounts work

You decide during the annual open enrollment period to elect in the Unreimbursed Medical and/or the Dependent Care Spending Account. This is how it works:

You estimate the amount you will spend on out-of-pocket health care expenses and/or daycare expenses during the year.
You decide how much you wish to set aside into your Unreimbursed Medical and/or Dependent Care Spending Account.
The amounts you wish to set aside into your account(s) will be deducted from your paycheck in equal amounts each pay period on a "pre-tax" basis.
As you receive services and incur health care expenses or daycare expenses throughout the year, you submit a claim for the expenses, and are then reimbursed from your account(s).
You may file claims as often as you wish — weekly, monthly, etc.
Any dollars left over in your account at the end of the year are forfeited. Therefore, you should contribute only what you know you will spend on predictable expenses. There is a run-off period (typically 3 months) following the end of the plan year for employees to submit expenses incurred in the previous year.

The tax advantage

The advantage of the Flexible Spending Accounts is that you don't pay federal income or Social Security taxes on this money before it goes into your account, and you don't owe taxes on it when it is paid out to you. In most states, you don't pay state taxes either.1

By participating in the Unreimbursed Medical and/or Dependent Care Spending Accounts, you will lower your taxable income, which means less income taxes.

1State taxes are not exempt in New Jersey for the Unreimbursed Medical and Dependent Care Spending Accounts. State taxes are not exempt in Pennsylvania for the Dependent Care Spending Account.

How do I access my flexible spending account?

Or you can log in to your account any time with the FSAFEDs app. Just download this handy app to your mobile device and log in with the same username and password as your online account. It's the easy way to manage your FSA when on the go!

How do I find out how much is on my flex card?

To easily check your balance, log into the Flex Card Member Portal. The Flex Card Member Portal is your one stop shop to view your balance, file a manual claim, or order a new Flex Card. The available funds on your card can be used to cover out-of-pocket expenses for dental, vision, and hearing services.

Can you withdraw money from a flexible spending account?

Unfortunately, FSA cards cannot be used to withdraw FSA funds from an ATM. These cards can only be used on qualifying medical products and services.

Does flexible spending account expire?

Typically, FSA balances expire at the end of the year—and a person can only roll over a small portion of their remaining balance to the following year.