A flexible spending Account (FSA) is a way for you to put money aside tax free for important expenses. These accounts can potentially save you hundreds of dollars in taxes, but they often require a lot of paperwork so that you can prove you bought the “qualifying” product or service. FSA debit cards are relatively new to the market and make the process of having an FSA smoother and faster than it used to be. Now you can sit back and enjoy your lower tax bill without the hassle that used to come with keeping track of, copying, and submitting all your proof of purchases and receipts.
First some background. There are primarily three types of flexible spending account:
1. The Health Care FSA (also known as Medical FSA, Medical Expense FSA, or simply Health FSA), where qualified medical expenses are put aside. These can include insurance deductibles, co-payments, and coinsurance costs as well as specific products, treatments, and medications not specifically covered by insurance. Medical issues can be serious, or as simple as buying a years worth of band-aids.
2. The dependent care FSA, where qualified child care (such as day or after care) expenses...
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