Advantages

• Contributing to an FSA lowers your current taxable income
• Use before-tax money to pay for eligible expenses
• All the funds you elect to contribute are available for use immediately (if you are a new hire) or on January 1 (if you elect an FSA during Annual Enrollment)
• Dependent Day FSA is open to any benefits-eligible employee, even if you waive coverage through the Firm

Limitations

• Only eligible to participate in the Health Care FSA if you choose Options A or B
• Only eligible to participate in the Limited Purpose FSA if you choose Option C
• Use-it-or-lose-it feature puts you at risk of losing unused funds