Voluntary Flexible Spending Accounts
Flexible spending accounts (FSA) provide you with an important tax advantage that can help you pay health care and dependent care expenses on a pre-tax basis. As an eligible employee, you can set aside a portion of your pre- tax salary in an account, and that money is deducted from your paycheck over the course of the year. The amount you contribute to the FSA is not subject to social security (FICA), federal, state or local income taxes – effectively adjusting your annual taxable salary.
DEPENDENT CARE REIMBURSEMENT FSA
HEALTH CARE REIMBURSEMENT FSA
The Dependent Care Reimbursement FSA allows you to use pre-tax dollars toward qualified dependent care. Care must be for a tax- dependent child under age 13 who lives with you, or a tax-dependent spouse or child who lives with you and is incapable of caring for themselves. Also, the care must be needed so that you and your spouse (if applicable) can go to work. Care must be given during normal working hours and cannot be provided by another one of your dependents. Typical expenses include baby- sitters, nursery schools, pre-schools, and day care centers.
TheHealthCareReimbursementFSAallows you to payfor certainIRS-approvedhealth care expensesnotcovered by yourinsurance or reimbursed byanyother benefit plan. Eligible expenses include those incurred by you, as well as your spouse and/or dependents. Typical expenses include co- pays, coinsurance, deductibles, and prescription drug expenses. For more information about eligible expenses, please refer to IRS Publication 502 available at www.irs.gov/pub/irs-pdf/p502.pdf or go to www.fsastore.com
FSA - “USE IT OR LOSE IT” RULE
Healthcare HSA and Dependent Care FSA account runs on a plan year basis. The current plan year is from January 1, 2025 through December 31, 2025; claims can only be for services/expenses incurred between January 1, 2025 through December 31, 2025
COMMUTER TRANSIT & PARKING ACCOUNTS ▪ Save on your commute by contributing pretax dollars towards transit expenses. ▪ Unused funds roll over into the next year provided employee remains enrolled in the plan. ▪ Employees can change their pre-tax deductions at anytime during the plan year, based on their current month’s expenses ▪ These plans are administered by HealthEquity, and funds can be accessed via your FSA card.
To get started, log in or create your account here See pages 20-22 for additional plan details and contribution limits
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