Flexible Spending Accounts
You can save on your out-of-pocket health care (such as prescription drug and office visit co-pays) and day care expenses by taking advantage of our Health Care and/or Dependent Care Flexible Spending Accounts (FSAs). FSAs allow you to set aside money during the year that you can use to reimburse yourself for eligible expenses incurred during the year. And the best part is that this money is set aside before federal and state income or Social Security taxes are withheld, thus lowering your taxable income.
MyCafeteriaPlan, our administrator, will provide:
- Web-based access to account balances and claim payment status at www.mycafeteriaplan.com
- On-line claim forms
- Direct deposit of claim payments to your bank account
- Claims reimbursement every Wednesday
How the Accounts Work
Each year you decide whether or not you want to participate in the Health or Dependent Care FSA.
If you decide to participate:
- You estimate the amount of eligible expenses you are likely to have during the year and decide how much of your salary you want to set aside. Remember, you can save up to $2,500 for the plan year for the Health Care FSA and up to $5,000 ($2,500 if you are married and file separate income tax returns) for the Dependent Care FSA. The amount you elect is divided by your annual pays and automatically deducted from your paycheck each pay period.
As you incur eligible expenses during the year, you pay for them out of your own pocket, then reimburse yourself from your flexible spending account with tax-free money.
What’s an Eligible Expense?
Click on the FSA Brochure in the For More Information box above for a sample listing of eligible Health and Dependent Care FSA expenses. Remember, over-the-counter medications are no longer eligible expenses.