These accounts enable employees to set aside pretax dollars through payroll deductions to pay for eligible expenses.
Participants can save on eligible healthcare and dependent care expenses by setting aside pretax dollars in a flexible spending account. Healthcare FSAs can be used to pay for eligible healthcare expenses, such as deductibles, copays, and prescription drugs. Dependent care FSAs can be used to pay for eligible child and adult care expenses.
For employees enrolled in the high deductible health plan (HDHP) medical coverage option, this account can be used to pay for qualified healthcare expenses, including the annual HDHP deductible, copayments, and more.