A Health Flexible Spending Account (FSA) is an IRS-approved program to help you save taxes and pay for out-of-pocket medical expenses not covered under your medical plan. Keep in mind that remaining balances will be forfeited under the use-it-or-lose-it rule.

Contribution Limits

• 2023: $3,050
• 2024: $3,200

Highlights

• Your full contribution is available at the start of the plan year to pay for eligible health care expenses.
• The plan covers you, your spouse and/or your tax dependents for:
  • Copays, coinsurance and deductibles
  • Dental expenses like orthodontia, crowns and bridges
  • Vision expenses like LASIK eye surgery, contacts and glasses
  • Prescription drugs and over-the-counter (OTC) items