Save Money with an FSA

Enrolling in a flexible spending account (FSA) saves you approximately 30%* on your eligible expenses, meaning a $1,000 eligible expense costs you about $700.

You get these savings because the contributions you make to an FSA are exempt from Federal, State, and FICA payroll taxes.

Should I use an FSA?

An FSA may help you save money on your current or upcoming expenses; however, only you can decide if an FSA is right for you. Here are some tips for deciding.

  1. Consider the different FSAs available to you. Your employer may offer a few different accounts and you’ll want to learn about each of them to determine if they’re right for you.
  2. Evaluate examples of eligible expenses, think about the expenses you already have, and any upcoming expenses that an FSA might help you pay for.
  3. Decide how much to contribute based on how much you’ll spend.
  4. Then complete the enrollment process with your employer to get started.

Pre-Tax Savings

Use tax-free dollars to pay for eligible expenses, which may include medical, dental, vision, and daycare expenses.

Savings? What Savings?

A Flexible Spending Account (FSA) saves you approximately 30%* on your eligible expenses, meaning a $100 eligible expense costs you about $70. You get these savings because the contributions you make to an FSA are exempt from Federal, State, and FICA payroll taxes.

 

Accessing your FSA Funds

Our technology makes it easy to access your funds. You can:

  • Pay for your eligible expenses with your preferred method of payment and submit reimbursement requests and expense documentation online using your desktop or mobile device.
  • Set up direct deposit so when your reimbursement is approved, the funds transfer electronically to your bank account.

How does the FSA work after I’ve enrolled?

Your FSA works for a specific plan year, so your account is ready to use when your benefit plan year starts. After you’ve enrolled, you can download EBC Mobile to get the smoothest benefit experience, available in App Store and Google Play. Once you start using your FSA, consider eligible expenses and take a look at tips for Where to Shop.


Use the power of pre-tax dollars to save money in your upcoming plan year!

 

*This tax example is a broad approximation of tax liability. Further, your contributions may be subject to state income tax in some states. Your specific savings depend on your tax bracket. You should consult a tax advisor for help with your own situation. Current IRS tax laws control all pre-tax payment and contribution matters and are subject to change.