How long do I have to use my funds?How do I pay for my health expenses before taxes?What is the maximum contribution for these accounts?
Plan Options: Flexible Spending Account
A Flexible Spending Account (FSA) lets you take money out of your paycheck before taxes and use it to pay for certain medical costs. Empower helps manage your FSA and handles claims. With an FSA, you can set aside up to $3,200 each year to pay for things like medical, dental, vision, and prescription costs. This includes deductibles, coinsurance, and copays for you and your family.
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Flexible Spending Account |
What is a Flexible Spending Account (FSA)?
A Flexible Spending Account offers you a significant tax savings opportunity. They allow you to pay for eligible expenses using pre-tax dollars. The healthcare FSA allows $640 to rollover into the next plan year, but any amount over will be subject to the use-it-or-lose-it rule. The dependent care FSA does not allow a rollover.
You can use money set aside in your HealthCare FSA for eligible medical, dental, and vision expenses incurred by you, your spouse, or your taxable dependents. This includes diagnosis, treatment, and prevention of disease or treatment for any part or function of the body. Great examples of this include copays and deductibles. Cosmetic medical expenses, such as facelifts or hair removal, are not eligible. Expenses that benefit general health, such as vacation or health club memberships, are also not eligible. Remember to keep your receipts and/or other documentation in case it is needed to verify the medical expense. Some items may require additional documentation from your medical provider.
The maximum contribution amount is $3,200 per year.
