How to make the most of your FSA money before it’s gone

A flexible spending account, or FSA, is one of two common ways to pay for health care expenses tax-free. WITH in the FSAEmployees can deduct a certain amount of money from their paychecks each year — the maximum was $3,050 in 2023 — to cover expenses not covered by their insurance, such as doctor and prescription payments.

An FSA is often confused with a second type of account with a similar acronym called a health savings account, or HSA, which is only available to people with high-deductible health insurance plans.

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