A Flexible Spending Account (FSA) is a special account that allows employees to set aside pre-tax money for eligible medical expenses. This means that the money you contribute to an FSA is deducted from your paycheck before taxes, which can help lower your taxable income. FSAs can be used for various expenses, such as doctor visits, prescription medications, and medical supplies. One key feature of FSAs is that the funds must be used within a specific time frame, usually by the end of the plan year. If you don’t use the money, you may lose it, so it’s important to plan your contributions carefully. FSAs are often offered by employers as part of their benefits package.