A general health FSA is the most common flexible spending account. It's a financial arrangement that enables employees to pay for qualified healthcare expenses with tax-free dollars.
Eligibility
It's simple to have a general health FSA; your employer just needs to offer it!
Some important notes about FSAs and HSAs:
You or your household can't have a general health FSA and a health savings account (HSA) at the same time, as they cover the same expenses.
You or your household can have an FSA with a more limited purpose (dependent care or dental & vision) and an HSA.
You can have a general health FSA and a more limited purpose (dependent care or dental & vision) FSA.
Limits
| Total Maximum Contribution | Employer Contributions | Maximum Rollover Limit |
2024 | $3,200/yr | Up to $500 → $1:$1 | $640 |
While there is a general maximum rollover limit for FSAs, it is up to your employer to decide if they will allow rollovers. Some employers may choose to allow up to a two-month extension to the FSA spending deadline instead of allowing rollovers.
Eligible expenses
A general health FSA can be used for many eligible expenses. Here are some helpful resources:
Here is a complete list of eligible expenses.
Plan ahead with this FSA calculator to ensure you maximize your benefit.
Ineligible expenses
Insurance premiums or costs for temporary continuation of coverage (TCC) cannot be paid with FSA funds; however, deductibles, copayments, and coinsurance for your health plan can be.