How do fsa accounts work

Ramthun says. You can contribute pretax dollars to this account for qualified child- and adult-care expenses. Some examples of qualified expenses include day care, preschool and elder-care services. These can only be used to pay for qualified dental and vision expenses. Lamar Watson, a certified financial planner and founder of Dream Financial Planning LLC, says it is better to contribute less than to put in too much money.

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Save money with a flexible spending account A flexible spending account FSA is a great way to pay for eligible expenses using money you set aside before taxes via a payroll deduction with your employer.

Use the money in an FSA to cover eligible: Health care expenses, such as out-of-pocket costs Dependent care expenses, such as work-related child care. Know your FSA balance. JavaScript is required In order to have the best experience on Aetna.

When you have a health or limited-purpose FSA, the total amount is available on the first day. When you have a dependent care FSA, you can only access your account balance. After you log in:. Who is this for? Your employer will tell you which one of these FSAs is available to you. Health care FSA.