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FSA Savings Examples

FSAs Benefit Everyone

Can an FSA save you money? Absolutely! Because your FSA funds are withheld from your paycheck on a pre-tax basis, participating in an FSA lowers the amount you pay in taxes. That means more money in your paycheck.

Find the profile below that most closely fits you and then check out how an FSA can keep more money in your paycheck. 

Single, Young, and Healthy
Single Professional
Single Parent
Married Couple Wanting to Start a Family
Married Couple with Kids
The Sandwich Generation: Married, Teenage Kids, and a Dependent Parent
Planning for Retirement
Living with a Chronic Condition

Single, Young, and Healthy

Aside from an occasional cold or checkup, you really don't spend much on your health care - right? But did you know that you can save money by using a Health FSA to pay for over-the-counter (OTC) products? Things like bandages and other first-aid supplies, contraceptives, and prescribed OTC medicines. Do you wear glasses or contacts? Considering laser eye surgery? Use your Health FSA dollars to pay for vision services, eyeglasses, contacts, and cleaning solutions. Out-of-pocket dental expenses, like cleanings, X-rays, and braces, can also be paid for with your FSA funds. Your pre-tax FSA funds give you dollar-for-dollar value to pay for these expenses.

And if you don't spend every dollar you contribute to your Health FSA, no big deal. That's because you can carry over up to $500 from one plan year to the next. You'll save money year after year.

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Single Professional

You're taking control of your life, your career, your finances - and most importantly, your health. You're now in the position to spend more to look and feel good. You schedule annual checkups and visit the dentist twice each year for dental cleanings and X-rays. Do you go to the chiropractor? Thinking about acupuncture? Ready for laser eye surgery? Definitely want to quit smoking? The control is in your hands, especially with a Health FSA. Put $1,000 in your account, and you could save as much as $300* when the plan year ends. That's a pretty good return on your investment. Or if you don't spend all of your Health FSA dollars, carry over up to $500 to the following year. Experience tax-free savings year after year.

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Single Parent

As a single parent, you're pulled in all different directions, and so is your bank account. Do you find that pinching pennies has become a daily task? An FSA is the money-saving solution you've been looking for! Use your Health FSA funds to pay for doctor co-pays, health care deductibles, and dental expenses that quickly add up when you have kids. How about saving money on child-care expenses? If you spend $3,000 annually on before and after-school care, use your dependent care (DepCare) FSA funds to pay for the child-care expense, and you could save $900* by the end of the plan year. Your bank account will perk up with this kind of savings!

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Married Couple Wanting to Start a Family

Enrolling in an FSA benefits you and your future family. You'll see your savings add up as you use your Health FSA funds to pay for OB/GYN co-pays, fertility treatments, and health plan deductibles from the birth of your newborn. Plan for out-of-pocket health care expenses for after the baby arrives, too - pediatrician co-pays, breastfeeding supplies, and over-the-counter items, like thermometers and bandages. And keep in mind that you can carry over up to $500 from one plan year to the next if you need some extra money from your Health FSA to cover birth expenses.

Are you and your spouse both planning to work after your baby is born? If so, your savings add up even more when you use your DepCare FSA to cover child care or baby sitting expenses. Use your FSA funds toward child care totaling $5,000, and you could save as much as $1,500* by the end of the plan year.

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Married Couple with Children

You're trying to put money in both college savings accounts and your retirement fund. But out-of-pocket health care costs keep coming up. With a Health FSA, you can save 30 percent* or more on eligible FSA expenses for you and your eligible dependents. Use your FSA funds toward doctor co-pays, an unplanned trip to the ER, vision services, dental care, and braces.

You'll find your FSA will help keep your whole family healthy without breaking the bank. And if you don' t happen to use all of your Health FSA dollars, carry over up to $500 to the next plan year. That way you'll have a cushion of savings when you need it.

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The Sandwich Generation: Married, Teenage Children, and a Dependent Parent

Do you have children and an elderly dependent parent living with you? If so, you've become part of the "sandwich generation," supporting both your own children and an aging parent. An FSA can help you now more than ever with potential dependent care expenses for your parent - as well as keeping up with continuous health care expenses for you, your spouse, and your children.

Sign up for an FSA and save 30 percent* or more when you use your pre-tax funds toward health care expenses associated with teenagers - braces and routine dental care, dermatologist co-pays, and contact lenses and cleaning solutions. Your savings will add up even more if your dependent parent qualifies for elder daycare so you and your spouse can continue to go to work.

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Planning for Retirement

You're no longer responsible for your children's health care expenses, but your own medical costs and those of your spouse are starting to increase as you head closer to retirement. With a Health Flexible Spending Account, you can save by using pre-tax funds toward eligible medical expenses, such as surgery and hospital services, prescription drugs, hearing aids, and medical equipment. Plus, you can use your FSA funds to pay for over-the counter health care items like reading glasses, blood pressure monitors, and diabetes test kits and supplies.

Put $2,000 in your Health FSA and use your funds to pay for eligible FSA expenses throughout the plan year. If you use all of your pre-tax FSA money by the time your plan year ends, you could save as much as $600*. But if you don't spend all of your Health FSA dollars, you can carry over up to $500 from one year to the next. It's the easiest way to save money for retirement!

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Living with a Chronic Condition

A chronic condition not only takes a toll on your body, but it also takes a toll on your bank account. With the rising cost of health care, treating chronic conditions, such as diabetes or heart disease, is quite expensive. Ease your financial burden by using pre-tax Health FSA funds toward eligible medical expenses, prescription drugs, and over-the-counter supplies, such as diabetes supplies, that you're already paying for out of your pocket.

Put $2,500 in a Health FSA and you could save about $750* by the end of the plan year. This savings can help ease the financial burden associated with a chronic condition, and perhaps, offer you some peace of mind, too.

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*Each of the examples above assumes that the employee participating in the FSA receives an average of 30 percent tax savings.