Your FSA Options
Health Care FSA — If you do not elect medical coverage or do not qualify for a Health Savings Account (HSA), you may contribute from $300 to $2,700 per year to the Regular Health Care FSA to pay for eligible unreimbursed medical, dental, vision and over-the-counter medication expenses obtained with a prescription. If you enroll in the CDHP and participate in an HSA, you may contribute from $300 to $2,700 per year to the Limited Purpose Health Care FSA to pay for eligible unreimbursed dental and vision expenses only.
Dependent Care FSA — You may contribute from $300 to $5,000 ($2,500 if married and filing separate tax returns) each year to help pay for eligible child- and elder-care expenses you incur to take care of your eligible child or parent while you are working. The Dependent Care FSA cannot be used to pay medial expenses.
You can participate in either a Health Care FSA or Dependent Care FSA, or you can participate in both. While you can participate in both, the amounts in your Dependent Care FSA can only be used to pay for child care or elder care expenses you incur to enable you to work. The Dependent Care FSA cannot be used to pay any health care expenses. The Health Care FSA can only be used to pay health care expenses. The Limited-Purpose Health Care FSA can only be used to pay dental and vision expenses.