Flexible Spending Account (FSA) is an employer-established benefit account allowing you to set aside pre-tax dollars (up to $2,750 per year, per employer) to cover eligible medical expenses. Flexible Spending Accounts enable you to save money on certain medical and dental costs covered by your plan. Your FSA dollars can be used to cover medical costs, including eligible over-the-counter (OTC) Health & Safety products, for you and any dependents claimed on your federal tax return.