Flexible Spending Accounts

Coverage & Details

Flexible Spending Accounts (FSAs) are designed to save you money on your taxes. They work in a similar way as savings account. Each pay period, funds are deducted from your pay on a pre-tax basis and are deposited to your Health Care and/or Dependent Care FSA. You then use your funds to pay for eligible health care or dependent care expenses.

Health Care FSA

Most medical, dental, and vision care expenses that are not covered by your health plan—such as copayments, coinsurance, deductibles, eyeglasses, and doctor-prescribed treatments—may be eligible for reimbursement. These expenses must be medically necessary and comply with applicable plan guidelines and IRS regulations.
The maximum annual contribution to the Health Care Flexible Spending Account (FSA) is $1,700. You may elect any amount up to this limit during the plan year, subject to IRS regulations.
The Health Care Flexible Spending Account (FSA) allows you to save on eligible expenses not covered by your insurance while reducing your taxable income.

Limited Purpose FSA

Allows you to set aside pre-tax dollars to pay for eligible dental and vision expenses only. This helps you save on out-of-pocket costs while keeping your HSA funds available for other qualified medical expenses.
The maximum annual contribution to the Limited Purpose (FSA) is $1,700.
Offers valuable tax and savings advantages if enrolled in a Health Savings Account (HSA).

Dependent Care FSA

The Dependent Care Flexible Spending Account (FSA) can be used to pay for eligible dependent care expenses such as daycare, preschool, after-school programs, and elder care incurred so that you and your spouse can work or attend school full-time.
The maximum annual contribution to the Dependent Care Flexible Spending Account (FSA) is $3,750 per household. If you are married and file separate tax returns, the maximum contribution is $1,875 per spouse, in accordance with IRS regulations.
Contributions are made on a pre-tax basis, your taxable income is reduced lowering the amount you pay in federal, state, and Social Security taxes.

Important Information About FSAs

Your FSA elections correspond to the benefit plan year. Claims for reimbursement must be submitted by the end of the plan year (or any specified run-out period). Please plan your contributions carefully. The FSA plan includes a 90 day run-out period, allowing you to submit claims for expenses incurred during the plan year. Any money remaining in your account after the applicable deadline may be forfeited under the IRS "use-it-or-lose-it" rule. The FSA plan allows a rollover of funds up to the yearly limit set by the IRS. Note that FSA elections do not automatically renew from year to year and you must actively enroll each plan year.