Flexible Savings Account (FSA)
Employees are eligible for pretax payroll deductions of the medical and dental premiums immediately.
Dependent Care Flexible Spending Account
Employees will be able contribute up to $5,000, or $2,500 if you are married and file separate tax returns, pretax to a dependent care FSA annually. All funds must be used by the end of the benefit year or they will be forfeited. You may only spend the funded balance. The Dependent Care FSA allows you to be reimbursed on a pre-tax basis for childcare for qualified dependents.
- Daycare expenses
- After-school care
- Nursery or preschool
- Elder care
Healthcare Flexible Spending Account
The healthcare flexible spending account is available to eligible employees after one year of employment. The healthcare FSA annual contribution limit is $3,200. Reminder: This is a “use it or lose it” account. You can carry over up to $640, but the rest needs to be used. The healthcare FSA lets you pay for certain IRS-approved medical care expenses with pretax dollars.
- Deductible
- Copays
- Coinsurance
- Other qualified miscellaneous medical expenses
Commuter Benefit
VIDEOS
