FSAs are intended to help individuals and families save money on eligible healthcare expenses, such as doctor visits, prescription drugs, and dental care.

Both individuals with employer-sponsored health insurance and those who are self-employed are eligible to contribute to an FSA.

The maximum amount that can be contributed to an FSA in a calendar year is $2,750 for individuals and $5,500 for families.

Eligible expenses for FSA reimbursement include doctor visits, prescription drugs, dental care, and other qualified medical expenses.

Unused FSA funds at the end of the calendar year are forfeited unless the employer offers a grace period or allows for a limited carryover.

FSAs are only available to individuals with employer-sponsored health insurance, while HSAs are available to both employed and self-employed individuals. HSAs have higher contribution limits than FSAs. FSAs allow for a grace period or limited carryover of unused funds, while HSAs do not.

Gym memberships are not eligible expenses for FSA reimbursement.

The deadline for submitting FSA claims is typically within 90 days of the expense.

FSA funds cannot be used to pay for medical expenses incurred before the account was established.

Contributions to an FSA are made with pre-tax dollars, and withdrawals are tax-free, providing a tax advantage to individuals who use this type of savings account.

FSA funds can be used to pay for the cost of a new pair of eyeglasses, as long as they are prescribed by a doctor.

The maximum amount that can be carried over from one calendar year to the next in an FSA is $500.

Cosmetic surgery is not a qualified medical expense for FSA reimbursement.

FSA funds cannot be used to pay for the cost of a gym membership.

The penalty for withdrawing money from an FSA for non-qualified expenses is a 20% penalty.