Flexible Spending Account (FSA) Explained

May 29,2024

Key points: You won’t owe income taxes on the money you contribute to an FSA. You can use your FSA to pay for your out-of-pocket medical costs. The annual contribution cap is $3,050 for 2023. But it’s not always a good idea to contribute the maximum. Even when you have health insuranc.
Key points: Even when you have health insurance, you know all too well how out-of-pocket medical costs can really add up. U.S. households spent an average of $5,452 on health care in 2021, according to the latest data made available by the U.S. Bureau of Labor Statistics. That total includes about $1,000 for medical supplies […]