Flexible spending accounts

What

So, you’ve got a body. And you might have kids. And all these things insist on being cared for. Why not do it in a way that saves you money?

The Health Care Spending Account (HCSA) and Dependent Care Spending Account (DCSA) let you set aside pretax dollars from your paycheck that you can then use to pay for stuff like medical deductibles, prescription drugs, and eyeglasses. With the DCSA, you can pay for things like after-school care, summer day camp, and elder care.

Why

If you have to pay for these expenses anyway, you may as well save money. Right?

Highlights

• Contribute up to $3,200 in 2024 to the HCSA
• Contribute up to $5,000 a year ($2,500 if married and not filing jointly) to the DCSA
• Pay for expenses with your FSA debit card, or pay out of pocket and file a claim
• Access your accounts by clicking MyChoice Accounts on the benefitsolver homepage.

Did you know?

If you’re enrolled in the Lenovo Health Saver Plan, you can’t participate in the HCSA. But you can open a Health Savings Account (HSA).