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You can contribute $5,000 per household, or $2,500 if married and filing separately, to a Dependent Care FSA. Dependents include children up to age 13; your tax-dependent spouse or qualifying child; or relative who is incapable of self-care (mentally or physically).

One of the key benefits of a flexible spending account is that the funds contributed to the account are deducted from your earnings before taxes, lowering your taxable income. As a result, regular contributions to an FSA can reduce your annual tax liability. The IRS limits how much can be contributed to an FSA account per year.

You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor's prescription. Reimbursements for insulin are allowed without a prescription. FSAs may also be used to cover costs of medical equipment like crutches, supplies like bandages, and diagnostic devices like blood sugar test kits.

A health care FSA covers qualified health care expenses for you and your family. Eligible expenses include medical, dental, vision, hearing and prescription expenses, plus copays, coinsurance and over-the-counter (OTC) items. Use a dependent care FSA to pay for the care of loved ones while you work, including childcare or care for dependent adults.