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A flexible spending account, or FSA, gives you the option to set aside some of your own money, tax-free, to use for health care expenses. An FSA can pair with any type of health plan.

You can use your FSA to help save on taxes when you pay your share of health care costs, such as your deductible, copays or coinsurance. Or you can use it for certain health care costs your health plan doesn’t cover. The Internal Revenue Service (IRS) maintains a list of expenses that qualify.

There’s also a second type of FSA that allows you to set aside tax-free dollars specifically for dependent care expenses, such as daycare costs.

How Much Should You Put in an FSA?

As with all health spending accounts, there are limits to how much you can put in an FSA each year. You decide during benefits enrollment how much you’ll contribute from each paycheck. My Health Toolkit® includes an FSA calculator that can help.

There are also other important things to keep in mind when deciding how much to put in your FSA:

  • You can only adjust how much you contribute to your FSA from each paycheck during benefits enrollment. That amount is set for the full benefit year.
  • FSA funds generally are “use it or lose it,” though some employers may allow a certain amount to carry over to the next benefit year or a grace period for spending unused funds.
  • Your employer owns your FSA, so you don’t get to take it with you if you leave your job.

Log In to My Health Toolkit to Manage Your FSA

My Health Toolkit includes resources to help you manage your FSA.

  • Use the online FSA Calculator to help determine how much to put in your FSA from each paycheck.
  • Review your balance and recent account activity.
  • See a list of the types of expenses you can pay for with your FSA funds.

Sign into the secure site or use the mobile app any time you want to access your FSA information.

Need to File an FSA Claim?

Easily download a FSA claim form any time you need one.

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