How you can Make the Most of Your FSA Cash Earlier than It Disappears

The flexible-spending account, or FSA, is considered one of two frequent methods of paying for healthcare bills tax-free. With an FSA, workers can deduct a sure sum of money from their paychecks every year—the utmost was $3,050 in 2023—to cowl bills not paid by their insurance coverage resembling physician and prescription copays. 

The FSA is usually confused with the second kind of account with an analogous acronym known as a health-savings account, or HSA, which is on the market solely to folks with high-deductible medical health insurance plans.