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Flexible Spending Account (FSA)
A tax-advantaged savings account that allows individuals to set aside money for qualified expenses.
More Details
This is a type of tax-advantaged financial account that is typically offered by employers as a benefit to their employees. Flexible spending accounts (FSAs) allow employees to set aside a portion of their pre-tax income to pay for certain qualified expenses, such as medical and dental expenses, childcare, and certain other types of out-of-pocket expenses.
Example
If you expect large medical expenses in the upcoming year, you may elect to have some of your salary deposited into an FSA so that it is not taxed. This money can be used to pay off these upcoming medical expenses.
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