Flexible Spending Accounts 

You may open a reimbursement account that 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.

There are certain times when you may change your election(s) known as a “change in status” determined by the IRS.

HEALTH CARE SPENDING ACCOUNT (HCSA)

· Defer $500- $2,500 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; daycare