Flexible Spending Accounts (FSAs) help you save money on out-of-pocket expenses that you and your family incur during the calendar year. There are a number of different types of accounts that help to reduce your taxable income when paying for eligible expenses for yourself, your spouse and eligible dependents.
Flexible Spending Accounts (FSA)
The Flexible Spending Accounts are an easy way for you to keep more of your take-home pay by using “pre-tax” dollars for eligible expenses. Simply present your FSA debit card for the purchase of eligible services and goods. Using the debit card allows you to directly tap into your Healthcare and Dependent Daycare FSA, meaning better cash flow for you and no waiting period for reimbursement.
Eligible Expenses* and Guidelines
Healthcare Flexible Spending Account | Dependent Care Flexible Spending Account |
|---|---|
| $3,300 annual maximum (verify annual maximum as it can increase based on IRS rules annually) | $5,000 annual maximum |
| Medical plan office visit copays, deductibles and Coinsurance | Used for dependent day care expenses while you and your spouse work, look for work or attend school full- time |
| Certain over the counter (OTC) items prescribed by your provider (prescription required) | Dependents include children under age 13 or dependents that are physically or mentally unable to care for themselves |
| Dental plan copays, deductibles and coinsurance | Can only be reimbursed up to what you have had payroll deducted (pay as you go) |
| Orthodontia expenses | Expenses must be incurred by March 15 of the following year and submitted for reimbursement by April 30 of the following year |
| Vision care expenses including contacts, glasses and LASIK surgery | |
| Expenses can be for you or anyone you claim as a dependent on your Federal tax return** | |
| Your entire election is available immediately regardless of actual payroll deduction amounts | |
| Carry over up to $610 for the following calendar year (this may increase each year due to IRS rulings) | |
| Expenses must be incurred by December 31 and submitted for reimbursement by March 31st of the following year |
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