Flexible Spending Account (FSA) Resources
Flexible Spending Accounts (FSA) allow you to set aside pre-tax dollars for healthcare, parking, and mass transit and dependent care expenses. Use the information below to help you decide if an FSA is right for you. In addition, we have resources to help manage the FSAs offered by your employer. We have included videos, calculators, forms, resources in addition to a list of frequently asked questions.
What is an FSA?
How does an FSA work?
FSA vs HSA
How to Use Your FSA
An FSA is a great way to save on qualified medical and dependent-care expenses. Upon enrolling in your employer’s benefits package, you will choose the annual amount you would like to contribute up to the maximum annual limit established by your employer. At the start of the plan year, you can immediately begin paying for qualified healthcare costs using the Fifth Third Bank Multi-Benefit Card® or get reimbursed for out-of-pocket expenses from your FSA. For expenses you pay out-of-pocket, you can submit claims and receipt images to be reimbursed from your FSA using the mobile app or by logging into your account. Keep in mind, funds do not roll over year-over-year.
The calculators below can help you make an informed decision about enrolling in an FSA plan.
FSA Frequently Asked Questions
Below are some of the most frequently asked questions about FSAs. Find your category and then select a question
The Health Savings Account (HSA) is one of the best saving and investing tools available, but sadly, only 22 million Americans are taking advantage of this, according to AHIP.
Investing in a savings account has many benefits. Major life events, such as paying for college tuition or retirement, are probably at the top of your list of reasons to save. Due to the rising costs and uncertainty of health-care, you may want to think about opening a Health Savings Account.
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