Flexible Spending Account

A Flexible Spending Account (FSA) is an employer owned account that lets you set aside pre-tax dollars (which lowers your taxable income) to pay for eligible out-of-pocket expenses.

There are two types of FSAs:
1. Healthcare FSA – Can be used to pay eligible medical, dental, orthodontia, vision and chiropractic expenses. UMR also offers a list of other eligible items that can be purchased with your FSA dollars. There is a minimum annual contribution of $260.
2. Dependent Care – Can be used to pay eligible expenses for childcare, eldercare or care for a disabled dependent.