Flexible Spending Accounts (FSAs) at a Glance
There are two types of flexible spending accounts (FSAs):
  • Health Care Flexible Spending Account (HCFSA)
  • Dependent Care Flexible Spending Account (DCFSA)
  • Note: These accounts were formerly referred to, respectively, as the Health Care Reimbursement Account (HCRA), and the Dependent Care Reimbursement Account (DCRA).
Health Care Flexible Spending Account (HCFSA)
  • The account allows you to set aside pre-tax contributions, to reimburse your eligible health care expenses that are not covered by health care plans.
  • You can allocate between $50 and $2,500 a year per individual.
Dependent Care Flexible Spending Account (DCFSA)
  • The account allows you to set aside pre-tax contributions, to reimburse your eligible expenses to care for children or other dependents so you can work or attend school.
  • You can allocate between $50 and $5,000 a year per individual or married couple filing a joint tax return. (Employees with a spouse filing separate tax returns may each contribute up to $2,500.)