Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars to lower your taxable income for the year and save money on eligible expenses. Our FSA partner is Bank of America Merrill.
You can elect one of the health FSAs (either the Health FSA or the Limited Purpose FSA, depending on your medical plan election), the Dependent Care FSA, or both.
A Health FSA allows you to set aside pre-tax dollars from your pay to reimburse yourself for qualified medical, dental and vision expenses.
For 2026, the IRS has set the Health FSA contribution limit at $3,400. Once you enroll and set your annual contribution, you cannot change that amount during the year, unless you have a qualifying life event.
Unused funds are forfeited at the end of each year, so carefully estimate your eligible expenses.
If you enroll in a High Deductible Health Plan (HDHP), you can enroll in an HSA or a Health FSA, or both an HSA and a Limited Purpose Health FSA. Please see chart below for details:
| HDHP with HSA OR Health FSA | HDHP with HSA AND Limited Purpose Health FSA |
|---|---|
| You can use your HSA or Healthcare FSA account to pay for qualified medical, dental and vision expenses. | Your Healthcare FSA will be “limited purpose” and can only be used to pay for qualified dental and vision expenses. Your HSA can be used for qualified medical, dental and vision expenses. |
Post Deductible Health FSA
If you meet the deductible for your HSA-qualified health plan, you can convert your Limited Purpose FSA to a general purpose Health FSA. Once the Limited Purpose FSA is converted to an FSA, you will be able to use pre-tax earnings to cover a wider range of healthcare expenses. You may request to convert your Limited Purpose Health FSA by completing a form provided by Bank of America.
You can use a Dependent Care FSA to reimburse yourself for qualified child and dependent care expenses. Eligible dependents include:
• Children under age 13
• Spouse or other dependent of any age who is physically or mentally unable to care for himself or herself and satisfies certain other requirements
The Dependent Care FSA contribution limit is $5,000 (or $2,500 if you are married and filing taxes separately) for 2026. Once you set your annual contribution when you enroll, you cannot change that amount during the year unless you have a qualifying life event. You lose any unused money at the end of the year.
MyHealthBofA App
You’ll need your Bank of America account user ID and password. If you don’t have an account, register with your Social Security/account number.
