A flexible spending account (FSA) is an IRS Approved benefit plan set up with your employer/insurer. It allows you to voluntarily withhold a portion of your paycheck and use those pre-tax dollars to pay for approved health care expenses before your taxes are taken out. Contributing to your FSA is a terrific way to reduce your taxable income and save money on your health care.

Here's how it works

1. You determine how much money to automatically deduct from your paycheck.
2. Your pre-tax dollars go into an account managed by your insurance company (accessed only by you).
3. For in-store purchases only - Pay with your FSA card and your account is automatically deducted. There is no need to submit receipts.