Flexible spending accounts provide an opportunity to save hundreds of tax dollars per year. In a flexible spending account, employees set aside pre-tax dollars into an account and then use the funds during the calendar year for reimbursement of qualified expenses. The funds that are set aside in flexible spending accounts are exempt from income tax and social security tax. When eligible expenses are incurred, you file a claim to reimburse yourself with the funds that are tax free. For a list of eligible expenses, please click here.