Flexible spending account

A flexible spending account (FSA) is like a special piggy bank that you can use to save money all year long for certain medical expenses, like going to the doctor or buying medicine.

When you sign up for an FSA, you get to choose how much money you want to put into your piggy bank each year. The money gets taken out of your paycheck each time you get paid.

Here's the cool part: when you use the money in your piggy bank to pay for eligible medical expenses, you don't have to pay taxes on that money. This is because the government wants to encourage people to save money for their healthcare costs.

However, there are some rules for using your FSA piggy bank. For example, you can't use the money to pay for things like cosmetic procedures or gym memberships, and you have to use the money by the end of the year or you'll lose it.

So, if you want to save money on healthcare expenses and don't mind following a few rules, an FSA piggy bank might be a great option for you!