How does a Flexible Spending Account Work?

A Flexible Spending Account (FSA) works like an expense account. You automatically set aside part of your salary (before taxes) to pay for qualified medical expenses or child or dependent care. You save money because you don’t pay taxes on the money you set aside. And you can use it to pay for day care, medical and prescription drug costs that aren’t covered by insurance, as well as over-the-counter medicines and drugs you buy every day. It’s a great perk from your employer and it’ll save you money.
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  • A Flexible Spending Account (FSA) works like an expense account. You automatically set aside part of your salary (before taxes) to pay for qualified medical expenses or child or dependent care. You save money because you don’t pay taxes on the money you set aside. And you can use it to pay for day care, medical and prescription drug costs that aren’t covered by insurance, as well as over-the-counter medicines and drugs you buy every day. It’s a great perk from your employer and it’ll save you money.
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