Even though HSAs are usually the better deal if you have the option, people who don’t have HSA-eligible health insurance policies can benefit from making flexible spending account contributions. You can contribute up to $2,600 to an FSA in 2017. The money escapes both federal and Social Security taxes (and in most cases, state and local income taxes, too), and you can use it tax-free for out-of-pocket medical expenses. You’ll generally need to use up the money by the end of the year, although an increasing number of employers permit $500 to be carried over to the next year or give employees a grace period till March 15 to spend the money.