Interested in saving money on your taxes? Now is your chance to enroll in a Flexible Spending Account (FSA). Enrollment Forms must be submitted to Human Resources by December 2, 2019 at 4:30 pm.
What is an FSA?
A Flexible Spending Account (FSA) allows you to set aside money for eligible expenses on a pre-tax basis. There are two types of FSA available:
Health Care FSA:
Pay for qualifying medical expenses with pre-tax dollars. This includes out-of-pocket medical, dental, orthodontia and vision expenses (deductibles, co-pays, non-covered expenses, etc.) for you, your spouse, and your dependents. Click on the 2020 Enrollment Guide for more information and a detailed list of eligible expenses. The maximum annual contribution is $2,750. Choose your amount carefully. Flex 125 Accounts are “use-it-or-lose-it” except for up to $500 which can be rolled over from one plan year to the next.
“Limited Purpose” Flex 125 Account: If you enroll in the 2020 Qualified High Deducible Health Plan with a Health Savings Account (HSA), IRS regulations do not permit you to also contribute to a 2020 Flexible Spending Account for medical expenses. However, you are able to have a “Limited Purpose” Flexible Spending Account for dental and vision expenses in 2020.
Dependent Care FSA
Allows you to pay qualified 2020 dependent care (child or elder care) expenses with pre-tax dollars. The maximum annual contribution is $5,000 per household.
Getting Started is easy!
If you wish to enroll in a Flexible Spending Account for 2020, complete the 2020 Enrollment Form and return it to Human Resources no later than December 2, 2019 at 4:30 pm
Why Consider a Flexible Spending Account?
Still have Questions?
See the 2020 Enrollment Guide for detailed information about this optional benefit.