Flexible Spending Accounts
You may enroll in a flexible spending account (FSA) as a new hire, during the open enrollment or when you experience a family status change. The FSA allows you to pay eligible health care or dependent care expenses with pre-tax dollars. Your taxable income is reduced by the amount you contribute.
Open enrollment for the FSA plans will take place in the Fall of 2015 for a 2016 half plan year (January 1, 2016 through June 30, 2016).
Open enrollment for the FSA plans will also take place in the Spring of 2016 for a full plan year (July 1, 2016 through June 30, 2017). Then open enrollment for FSA plans will occur annually every spring.
If you are a new hire, you can enroll in one or both of the Flexible Spending Account plans online. The instructions to enroll are located under Quick Links on the right side of this page.
Click on the video to learn how a flexible spending account will work for you:
You may also change your annual election amount when you experience a family status change as defined by the IRS.
HEALTH CARE SPENDING ACCOUNT (HCSA)
· Defer $250- $2,550 per year on a pre-tax basis.
· Use for co-pays, deductibles, non-covered expenses.
DEPENDENT CARE ASSISTANCE PROGRAM (DCAP)
· Defer up to $5,000 per year on a pre-tax basis.
· Use for child and elder care costs, after school care and daycare for dependents up to age 13.