Flexible Spending Account
A Flexible Spending Account (FSA) allows you to use pre-tax dollars to pay for qualified expenses. The funds you contribute to your account need to be spent before the grace period or you lose them.
Type |
Projected Contribution Limit (2024)* |
How It Works |
Grace Period |
Deadline to
Submit
|
---|---|---|---|---|
Medical |
$3,200 |
• Set Contribution |
Use previous year’s |
All previous year |
Dependent |
$5,000 |
• Set Contribution |
Use previous year’s |
All previous year |
*The IRS does not release limits on FSA until usually Late November for the following year. |
Provided By
Bank of America
Provider Website
https://healthaccounts.bankofamerica.com/
Customer Service
Resources
Frequently Asked Questions