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Flexible Spending Accounts

Flexible Spending Accounts allow you to save pretax money through payroll deductions to cover medical, prescription, dental and vision expenses up to an annual limit set by the IRS.

All the money you save must be used before the annual deadline or you forfeit the money.

Current FSA Limit

$3,050

Employees enrolled in the Silver medical option can use this for dental and vision needs only.


The FSA is another tool to help manage your healthcare and dependent daycare expenses. You can contribute to both accounts on a pretax basis to pay for qualified expenses such as doctors’ visits, prescriptions, and child and elder care services.

If you’re enrolled in the Bronze Plus, Gold or Platinum options, you can contribute pretax money to a Healthcare FSA. During enrollment, you’ll determine how much you’d like to set aside for the year. Unlike the Health Savings Account, the money you contribute to your Healthcare FSA doesn’t roll over each year. It’s a “use it or lose it” account, meaning if you don’t use the balance in your account, you’ll forfeit those funds.

If you’re enrolled in the Silver option, you can contribute pretax money to a Dental and Vision FSA. It works like the Healthcare FSA, but you can only use it for qualified dental and vision expenses.

 

Dependent Daycare Flexible Spending Account

Save money to cover child and elder care expenses through convenient pretax payroll contributions throughout the year.

You can make pretax contributions to a special savings account that you can use to pay for preschool, summer day camp, before or after school programs, and child or adult daycare. We call it the Dependent Daycare FSA. You may save up to $5,0001 and you must use 100% of the money you save before the IRS-required deadline, or you’ll forfeit any remaining balance.

One word of caution: unlike the Healthcare FSA, you have to save money before using your account balance to pay for expenses. Until you get enough saved up to pay a bill, you’ll have to cover the cost out of pocket while saving pretax money in this account. Then you can reimburse yourself. If you’re concerned that this may be too difficult, this FSA may not be the savings vehicle for you.

1Married individuals who file separate tax returns may each save $2,500.

Looking for information about the healthcare FSA options? Click here.