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.
The plan year for the flexible spending accounts benefit is from July 1 through June 30.
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 from $250- $2,550 per plan year on a pre-tax basis.
· Use for co-pays, deductibles, non-covered, eligible expenses.
DEPENDENT CARE ASSISTANCE PROGRAM (DCAP)
· Defer any amount up to $5,000 per year on a pre-tax basis.
· Use for child and elder care costs, after school care, day camps, and daycare for dependents up to age 13.