Get Mayo Clinic Flex Spending Account Setup Form

How to Get an FSA Card. An FSA is tied to employee benefits – a company must specifically offer FSAs in their benefits package. If your employer does offer an FSA, consider using it as a way to offset medical costs. You'll need to opt-in to setting up an FSA, so make sure to review and confirm your benefits each year.

It's easy to set up an account and arrange for automatic contributions to it. Remember, the IRS has relaxed the “use it or lose it” rule. Instead of losing all unspent money in your Health Care FSA at the end of the plan year, you're able to protect up to $500 by rolling it over to the following year.

A Flexible Spending Account (FSA, also called a “flexible spending arrangement”) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside.

Visit StudentAid.gov/fsa-id/create-account/launch to create an FSA ID. You'll need your Social Security number, full name, and date of birth. You'll also need to create a memorable username and password, and complete challenge questions and answers so you can retrieve your account information if you forget it.

While you are not required to have an FSA ID to complete and submit the online Free Application For Federal Student Aid (FAFSA®) application, it'is the fastest way to sign your application and have it processed.

The amount that will be deducted from your paycheck each pay period for your FSA participation. All amounts are considered pre-tax deductions from your paycheck when you participate in your company's FSA plan.

An arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, , and medical devices.