What is a Flexible Spending Account (FSA)?
An FSA is a benefit that enables you to set aside pre-tax dollars from your paycheck to pay for eligible health care and dependent care expenses.
Health Care FSAs can be used for you and qualifying individuals (i.e. spouse & dependents) for eligible health, prescription, vision, or dental expenses remaining after claims have been paid by any insurance plan. For example, copays, co-insurance, deductibles, dental care, eye glasses, and more. For a complete list of eligible health care FSA expenses visit the WageWorks© website.
Dependent Care FSAs can be used to pay for day care expenses while you or your spouse are at work, looking for work, or at school. It can also be used for expenses such as elder care and day care expenses for any incapacitated person you are eligible to claim on your income taxes. For a complete list of eligible dependent care FSA expenses visit the WageWorks© website. Note: The Dependent Care FSA may not be used for medical expenses.
You can choose to enroll in one or both of these FSA plans as long as you have enough money in your paycheck to cover the amount you choose to contribute to an account.