Flexible Spending Accounts
Health Care Flexible Spending Account
You can receive tax‐free reimbursement from your Health Care Flexible Spending Account (FSA) for eligible medical, dental and vision expenses incurred by you or an eligible dependent if other health plans do not cover the expenses. The maximum amount you can contribute during the plan year to the HealthCare FSA is $2,850. You may use the account to receive reimbursement for healthcare-related expenses such as deductibles, copayments, coinsurance, prescription expenses, vision expenses, LASIK surgery, dental expenses, and orthodontia.
Dependent Care Flexible Spending Account
You can receive tax‐free reimbursement from your Dependent Care Flexible Spending Account (FSA) for expenses incurred by you for the care of an eligible dependent or related household expenses. You must be gainfully employed to be eligible to claim dependent care expenses. The maximum amount you may contribute to the Dependent Care FSA during the plan year is $5,000. If you are married and file a separate Federal Income Tax Return, the maximum amount you can contribute during the Benefit Plan Year is $2,500. Eligible dependents qualifying for dependent care include:
- A dependent under age 13 for whom you are entitled to a deduction for income taxes;
- A dependent who is physically or mentally incapable of self-care;
- Dependent means any individual considered your dependent within the meaning of Section 152 of the I.R.C.
How Flexible Spending Accounts Work
- As a new hire, you decide how much to set aside for health and/or dependent care expenses. You will also have the opportunity to enroll/re‐enroll during open enrollment each year.
- The health and dependent care accounts are separate; you may choose to participate in one, both or neither.
- You may not use the Health Care FSA money to cover expenses under the Dependent Care or vice versa.
- Your contributions are deducted from your paycheck on a pre‐tax basis in equal installments throughout the year. In addition, a $48.00 annual administrative fee is deducted along with your contributions.
- After you incur eligible expenses throughout the benefit year, submit a claim form for reimbursement. Your claim will be processed, and you will be reimbursed from your account. For some healthcare expenses, you may also use your FSA debit card to pay at the point of sale.
- Up to $570 in unused funds can be rolled over into the next plan year for the Health Care FSA. Any amount over $570 will be forfeited.
- Your dependent care annual election must be used by the end of the plan year, or any remaining balance will be forfeited.
- All claims must be submitted within 90 days of the end of the Plan Year.