Medical Flexible Savings Account (FSA) is an IRS-approved, tax-exempt account that saves you valuable tax dollars on eligible medical expenses. Each pay period, an amount of money that you have specified is deducted from your gross pay before federal income, Social Security, and Medicare taxes are calculated and deducted from your pay. As you incur eligible medical expenses, you can use this pre-taxed money to pay for your expenses.
Dependent Care FSA pays for eligible dependent care expenses for your child(ren) under age 13; a spouse who is physically or mentally incapable of self-care and has the same principle residence as you; or any other tax dependent of yours who is physically or mentally incapable of self-care and has the same principle residence. The Dependent Care FSA also offers you real tax savings by lowering your taxable income.
Making Changes to Your FSA - You cannot change your election to participate in a Medical FSA or a Dependent Care FSA during the calendar year unless you or your dependent(s) experience a Qualifying Life Event (QLE). QLEs include: