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Flexible Spending Account Calculator

Should I enroll in my Company's Flexible Spending Account Program?

The following is a worksheet to help you estimate the benefit amounts you should elect for the coming Plan Year. By going through this worksheet you should have a pretty good idea of what your annual budget for unreimbursed medical expenses and dependent care expenses will be. These are just some examples of qualifying expenses. This is not an all-inclusive list. JavaScript must be enabled to use this calculator.

What is your Annual Income? $ 
What is your maximum allowable Medical Contribution? $ 
What is your maximum allowable Dependent Care Contribution? $ 
Months in Plan Year    

Estimated Medical Expenses
Regular Monthly Expenses
Monthly prescription costs $ 
Diabetic supplies $ 
Contact lens supplies $ 
Other costs $ 
Total monthly costs $
Annual total of monthly expenses $
Expected One Time Medical Expenses (Annual Amounts)
Medical and dental plan deductibles $ 
Medical, dental, and vision plan co-payments $ 
Other co-payments $ 
Dentist exams and cleaning $ 
Braces and other orthodontia $ 
Vision eye wear $ 
Medically required health clubs and equipment $ 
Wheelchair, crutches and other medical appliances $ 
Smoking cessation program (only available by prescription) $ 
Other medical expenses $ 
Total one time expenses: $
Total medical expenses: $

Estimated Dependent Care Expenses (Annual Amounts)

(For children under the age of 13, or other dependents [spouse or similar member] living in your home who require daycare or adult day care. These could include Daycare Center, Babysitter and/or Nanny. The current maximum amount allowed under IRS guidelines is $5000.)
Number of dependents: None
One
Two or more
Elder care $ 
After school care $ 
Regular day care $ 
Nursery school prior to kindergarten $ 
Summer day camp $ 
Other costs $ 
Total dependent care expenses: $
Annual Medical Contribution: $
Annual Dependent Care Contribution: $


  With Spending Without Spending
  Account Account
Annual Income $ $
Estimated Health Care Expenses: $ $
Estimated Dependent Care Expenses: $ $
Taxable Income: $ $
Net Pay: $ $
*Assumes 15% federal income tax, 5% state income tax and 7.65% Social Security tax.

*Your tax savings will be approximately $ annually by using a Flexible Spending Account.
*Your tax savings will be approximately $ annually by using a Dependent Care Spending Account.
For most individuals, the tax savings from using a Health Care Reimbursement Account will significantly exceed the tax credit allowed if you claimed these expenses on your income tax form. Without an FSA, you can only deduct health care expenses that exceed 7.5% of your Adjusted Gross Income on your income tax form. Because FSAs are tax free from the first dollar you do not have to meet the 7.5% minimum in order to receive the tax advantage.
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