- Home
- Meet the Team
- Log In
- Contact
- Careers
- Search
- Search Results
- Branches & ATMs
- Rates
- Log In
- About MCU
- Join MCU
- Personal Banking
- Lending
- Meet the Team
- Loans
- Home Loans
- Conventional Mortgages
- Jumbo Mortgages
- High-Balance Mortgages
- Family Homes, Co-Ops, and Condos
- Investment Property
- ARMs
- Adam Gonda
- Xiang He Lin
- Sabrina Kilgore
- Omar Osoria
- Michele Palmucci
- Cesarina Pena
- Walter Skowronski
- Shantell Wynn
- Homebuyer Dream Program
- Heroes Home Improvement Loan
- Mortgage Center
- Insurance
- Member Resources
- MCU Financials
- Forms and Disclosures
- Privacy Policy
- Automated Telephone Banking
- Order New Checks
- Security & Fraud Alerts
- Privacy Notice
- Scholarship Search
- Schedule an Appointment
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.
Related Terms
Legacy Member
A legacy member is a long-time member of a credit union, with family membership often spanning multiple generations.
Vesting
The entitlement to a present or future asset or benefit, usually referring to an employer-provided benefit such as a retirement account.
Disclosure
The act of making information known to the public or to a specific individual or group.