Flexible Spending Accounts (FSAs)

You never know when life may throw you a surprise expense, but you can prepare for it. If you anticipate having medical, dependent care, or adoption expenses during your employee benefits plan year, you may be able to save money by utilizing a Flexible Spending Account (FSA), also known as a Section 125 plan. Your contribution is automatically withheld from your paycheck, so it does not count as income for certain tax purposes*. Then, whenever you have an eligible expense and submit a claim, you’ll be reimbursed up to the amount you’ve decided on for your plan. 

There are four types of FSAs. 

Health FSA

Stretch your dollars for medical, dental, and vision expenses that are not covered or only partially covered by insurance.  Learn more.

Dependent Care Assistance Account

Help offset the cost of day care, after-school, or elder care programs for your qualified dependents. Learn more.

Individual Premium Reimbursement Account

This program allows you to use pre-tax dollars to pay for non-employer-sponsored medical premiums for you, your spouse, or your eligible dependents. Learn more.

Adoption Assistance Account

Receive reimbursement for reasonable and necessary expenses that you incur in the process of legally adopting an eligible child. Learn more.

Disclaimer

*If you are a New Jersey taxpayer, the New Jersey state income tax will apply to money withheld from your pay for any benefits that you elect, and if you are a Pennsylvania taxpayer, the Pennsylvania state income tax will apply to money withheld from your pay for Dependent Care Assistance benefits that you elect.