A Flexible Spending Account is a funding account that's offered by some employers. You can use the funds in this type of account to pay for qualified medical or dependent care expenses on a tax-free basis. At the beginning of each plan year, you decide how much money to contribute; you can contribute up to the maximum dollar amount allowed by the IRS. You then can access these funds throughout the year.
There are two types of FSAs:
A healthcare FSA can cover medical, dental, or vision expenses that you would otherwise pay for out of pocket, such as:
Your employer may limit the expenses your plan reimburses. Please contact your Human Resources office for more information.
Your employer may also choose to offer a dependent care FSA. You can use the funds in this type of account to pay for the costs of taking care of dependents. Typical expenses under this account include:
Expenses must be for dependents under the age of 13, or those physically or mentally incapable of caring for themselves.
What are the benefits of an FSA?
An FSA is an easy way to pay for healthcare expenses
There are two ways that you can use your FSA to pay for eligible healthcare expenses:
Manage your Flexible Spending Account online
Note:This material is not intended to be tax or legal advice. The reader should consult with his or her own tax advisor to determine the tax implications of purchasing the products discussed herein.
Advice, if any, included in this material was not intended or written by Premera to be used, and it cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer.