Commonly called a flex plan, a Flexible Spending Account is an employer-sponsored benefit that allows you to pay for eligible medical expenses on a pre-tax basis. Contributions made to the account are deducted from your pay before your Federal, State or Social Security taxes are calculated. So the contributions are never reported and the account actually reduces the amount of income tax you owe.

If available, you choose the contribution amount. The designated amount is then deducted from your pay in equal installments throughout the year and placed into the account by the employer. Once your claim is submitted, you can collect your reimbursement cheque.

Check with your employer to determine whether you can access this opportunity.