A Flexible Spending Account (FSA) enables you to set aside tax-free money in an account that you can use to pay for eligible health care or dependent day care expenses. By using tax-free money to pay for these expenses, you lower your taxable income, which can reduce the amount of taxes you pay. You can elect one of the health FSAs (either the Health Care FSA or the Limited Purpose FSA, depending on your Medical plan election), the Dependent Day Care FSA or both.
Plan carefully when determining how much to contribute. Any unused balance at the end of the plan year will be forfeited.
Our FSA partner is Bank of America Merrill Lynch.
You can elect or update your FSA contributions as a new hire, during Benefits Open Enrollment or within 31 days of a qualifying life event.