Health Flexible Spending Account (FSA)


What is a Health FSA?

A Health Flexible Spending Account (FSA) is an employer-sponsored reimbursement arrangement that allows employees to set aside pre-tax money on an annual basis to pay for qualified medical expenses. You can be reimbursed for eligible expenses incurred during the benefit year or shortly thereafter, if your employer chooses.

Who should elect a Health FSA?

The Health FSA is beneficial for anyone who has eligible out of pocket medical, dental or vision expenses that are not covered by their insurance plan.

What are the advantages of a Health FSA:

With a Health FSA, you can use pre-tax money to pay for certain health care expenses that are not covered by other plans. Benefits from the Health FSA are tax-free to the extent that they are for qualified medical expenses, so you can save on both taxes and health care.

What kinds of expenses can be paid with a Health FSA?

  • Standard medical services such as office visits, annual medical physicals and more
  • Prescriptions, over-the-counter medicines and health care products
  • Preventive and restorative dental care as well as orthodontia for children and adults
  • Eyeglasses, contact lenses and solutions, and laser eye surgery
  • Copayments, coinsurance and deductibles
  • Acupuncture, chiropractic services and many more medical expenses not typically covered by health plans

For a more complete list click here.

Health FSA Savings Calculator

Expense Category Estimated Annual Expense
$ Invalid format.
$ Invalid format.
$ Invalid format.
$ Invalid format.
$ Invalid format.
$ Invalid format.
$ Invalid format.
$ Invalid format.
$ Invalid format.
$ Invalid format.
$ Invalid format.
$
$ Invalid format.
  % Invalid format.
$

Important note about this calculator

The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal or financial advice, nor does it predict or guarantee the actual results of any product.