WHAT IS A FLEXIBLE SPENDING ACCOUNT (FSA)?
Flexible Spending Accounts (FSAs) are IRS-approved accounts that allow you to pay for eligible medical and dependent care
expenses on a tax-free basis. When you enroll in an employer-sponsored Flexible Spending Account, your contributions are not
subject to Federal, FICA and most state taxes. This means you bring home more money in your paycheck.
Medical FSA and Dependent Care FSA
The two most common FSAs are a Medical FSA and Dependent Care FSA. You can have both accounts at the same time, but you
must enroll in and fund separate elections for each. For individuals contributing to a Health Savings Account, you may have the
option to select a Limited Purpose FSA instead of the Medical FSA.