The Pros and Cons of a Flexible Spending Account

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An FSA, or flexible spending account, is a type of tax-advantaged financial account that can help you save up money to pay for certain qualifying expenses related to healthcare or the care of your dependents. By choosing to have regular portions of your paychecks deposited directly into an FSA, which you may be able to have set up through your employer, you'll enjoy lower taxable income, among a number of other financial benefits. To determine if this type of arrangement is right for you, learn more about what an FSA is, along with the various pros and cons of setting up this type of account.