This process will also help you funnel the right amount into a flexible spending account to cover out-of-pocket costs.

Self-employed people may also be able to set up a flexible spending account.

In addition to flexible spending accounts, they include transportation reimbursement benefits and even adoption assistance programs.

Take advantage of flexible spending accounts when an employer offers them, he said.

Most taxpayers are likely to get a better tax break from an employer-sponsored flexible spending account, if one is available.

Starting in 2013, flexible spending accounts, which allow users to escape taxes on many medical expenses now, will be limited.

An insurance section provides policy quotes and information on flexible spending accounts.

If you have high medical costs, using a flexible spending account can save you hundreds of dollars a year in taxes.

You can deposit up to $5,000 a year in a flexible spending account, depending on the limit set by your employer.

Created by Congress in 1984, flexible spending accounts were designed to give workers relief from ever-shrinking health care coverage.