Get Flexible Spending Form

Here's how an FSA works. Money is set aside from your paycheck before taxes are taken out. You can then use your pre-tax FSA dollars to pay for eligible health care expenses throughout the plan year. You save money on expenses you're already paying for, like doctors' office visits, prescription drugs, and much more.

A Flexible Spending Account is a special account through which pre-tax money is deducted from your paycheck to use to pay for eligible out-of-pocket health care costs such as office visit co-pays, deductibles or prescription co-pays.

No, a Flexible Spending Account (FSA) is separate from an HSA or MSA and distributions are not reported on Form 1099-SA.

A Flexible Spending Account (also known as 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.

FSA funds can be used to cover medical expenses, including deductibles, copays, over the counter medications, prescriptions, and other related medical costs. HSA funds, on the other hand, use pre-tax payroll deductions to in turn lower gross incomes and annual tax burdens. HSAs are limited to $3,550 for 2020.

Unfortunately, no. An FSA is exclusively an employer-established plan. Even self-employed people aren't eligible for an FSA. Health FSAs are employer-established benefit plans.

On the back of your FSA card, there should be a phone number to call to reach the FSA administrator directly. If you're confused about who the FSA administrator could be, it's best to ask your HR department for answers.

Log in to your account. ... Once you have logged into your account, click Submit Receipt or Claim and select your Reimbursement Option. Follow the step-by-step instructions. Upload digital copies of your itemized receipts (and other documentation if needed).

Whether an expense is eligible for reimbursement is determined by IRS guidelines. You will be required to provide the name, address and Social Security number or tax ID number of the dependent care provider to show the expense is an eligible expense.

You're typically given a window of up to 90 days to submit claims after the end of plan year, which is typically called a "run-out" period (this is for any expenses incurred during that plan year).