FSA and Dependent Care

Flexible Spending Accounts

FLEXIBLE SPENDING ACCOUNT

What is a Healthcare Reimbursement Account?
Flexible Spending Accounts (FSAs) are pre-tax benefit accounts that pay for eligible expenses not covered by insurance, including:
•Medical expenses
•Dental expenses
•Vision expenses

These accounts offer a smart, simple way to save money and keep you and your family healthy and protected. Your employer sponsors this program, to help you save on important health and dependent daycare expenses by using pre-tax dollars.

You can save an average of 30% on everyday eligible, out-of-pocket healthcare expenses. There are several easy payment and reimbursement options. You can access your full election amount starting on day one! Your employer might also offer a grace period or carry over option at the end of your Plan Year.

DEPENDENT CARE FSA

What is a Dependent Care Account?

Dependent Care Accounts allow you to set aside pre-tax dollars to help offset the cost of childcare, or eldercare. Care must be for one or more qualifying individuals who must be a dependent claimed on your taxes. Expenses must be for you and your spouse to work, look for work or go to school full-time.

Additional requirements include:
•Must be for children age 12 and under when care is provided
•Can also be used for adult child or spouse physically incapable of
caring for him/herself
•Amounts paid for “educational care” must be for pre-kindergarten or

younger ages
•Provider of care must report the income by providing employee name,

address and Tax ID or Social Security number