Calculate Your Flexible Spending Account Savings
Tell us about yourself and how you’d plan to use your FSA.
Enter your annual income. We'll use this to calculate your average tax rate.
The state where you file your tax return. We'll use this to calculate your average tax rate.
Choose the option that most closely represents your tax filing status. We'll use this to calculate your average tax rate.
If contributing to an HSA, you will be eligible for a Limited Purpose FSA, which can be used on qualified dental and vision expenses only.
If you are not contributing to an HSA, the calculator results will highlight a General Purpose FSA. If you are contributing to an HSA, the results will be for a Limited Purpose FSA (LPFSA).
This will determine if you are eligible for a Dependent Care FSA (DCFSA).
Calculator Form Field Definitions
- General Purpose FSA
A General Purpose FSA (Flexible Savings Account) is a pre-tax health account that can be used to pay for eligible healthcare expenses. It is also referred to as an FSA, Healthcare FSA, or Medical FSA.
- Dependent Care FSA
A Dependent Care FSA (DCFSA) is a pre-tax benefit account used to save and pay for child or dependent care services such as day care, nannies, babysitting, or adult day care. It helps individuals pay for services that allow them to work when they would otherwise need to be at home fulfilling caretaking duties. Learn more about DCFSAs.
- Health savings account (HSA)
An HSA is a tax-advantaged savings account that can only be used with a qualifying high-deductible health plan (HDHP).
- FSA contribution amount
The recommended annual FSA contribution amount based on your expected eligible out-of-pocket expenses for all applicable medical, vision, or dental expenses.
- Dependent Care FSA contribution amount
The recommended annual dependent care FSA contribution amount based on your expected eligible out-of-pocket expenses for all dependent care expenses.
- Maximum contribution amount
The limit for FSA or DCFSA contributions is set by the federal government. Please note that your employer is able to set a custom limit and this amount could be lower than the federal limit. This calculator shows data for 2023, hang tight while we work on 2024 updates! To learn about the 2024 contribution limits, check out Lively’s FSA Guide.
- Estimated tax savings
The amount you could save in federal and state (if applicable) income taxes for the year by contributing the recommended FSA or DCFSA contribution amount. We use your annual income, state, and filing status to calculate your projected tax savings.
Frequently Asked FSA Questions
- What is an FSA?
A Flexible Spending Account (FSA) is a tax-advantaged benefit that allows employees to set aside pre-tax money to pay for qualified medical expenses. They are used to deposit and save pre-tax money to pay for qualified medical, dental, or vision expenses.
- Does an FSA rollover?
This depends on your employer. If any funds remain in your General Purpose FSA at the end of the current plan year, your employer may either allow you to rollover up to $610 (for 2023) of your FSA savings to the following plan year or give you a 2 ½ month grace period following the end of the plan year during which you can use any remaining funds. A Dependent Care FSA plan allows for a reasonable time for you to submit claims after the plan year-end, but all dependent care expenses must be incurred by plan year-end. Learn more about FSA rollovers.
- What are the advantages of an FSA?
With an FSA, you can use pre-tax money to pay for qualified healthcare expenses that are not covered by insurance. The tax savings gives you more buying power and helps you be prepared to pay for out-of-pocket expenses.
- What can I use my FSA on?
You can use a General Purpose FSA for qualified medical, dental, and vision expenses. You can use a Dependent Care FSA for qualified care expenses, like child or adult daycare. Limited Purpose FSAs are only used for qualified dental and vision expenses. View a searchable list of all eligible expenses for each plan type.
- What is a Dependent Care FSA?
A Dependent Care FSA (DCFSA) is a pre-tax benefit account used to pay for childcare, custodial care, and elderly care services. It helps individuals pay for services so they can work when they would otherwise need to be at home fulfilling caretaking duties. Learn more about DCFSAs.
- What is a Limited Purpose FSA?
A Limited Purpose FSA (LPFSA) is a tax-advantaged benefit that allows employees to set aside pre-tax money for qualified dental and vision expenses. You can LPFSA and an HSA at the same time. Learn more about LPFSAs.