When you set up a flexible spending account (FSA), you designate a certain amount to be withdrawn from your paycheck, pre-tax, to be used for eligible medical, dental and vision expenses, as well as work-related child and adult daycare expenses. You can also use your FSA for your children between the ages of 19–26, regardless of their dependency status.
EMU offers two FSA options to help you save on taxes: the Dependent Care FSA and the Health FSA. You must re-enroll in the flexible spending accounts each year you choose to participate.
You'll receive a FSA debit card when you get up your account for your convenience. Use this card for the whole year. When the year is completed, any remaining money in that year's account can be used until March 15 of the following year, but instead of your debit card, pay out-of-pocket and use your receipts to get reimbursed. If you do use your debit card in the following year, the expense will come out of that year's FSA.
Find out what's eligible: FSA Eligible Expenses/Worksheet [PDF]