A Flexible Spending Account (FSA) is an account that is set up for individuals to set aside pre-tax money to be used for eligible health care expenses. Many FSAs provide debit cards for you to use, rather than having to seek reimbursement after the fact. The limit on FSA contributions for 2017 is $2,600, up $50 from 2016. If you leave your company, the FSA account only remains available to you if you elect COBRA and the contributions are continued. If you do not elect COBRA, the FSA funds are not available after you leave the company, unlike an HSA.