Flexible Spending Accounts
Healthcare Spending Account
Enables you to pay eligible out-of-pocket medical, dental, and vision expenses with before-tax dollars (saving you 30% or more since you are not paying taxes on this money).
- All money is available on January 1
- Maximum contribution for 2021 is $2,700 (about $1,730 in take-home pay)
- You will receive a debit card so many expenses can be paid without the need to pay first then file a claim
- $500 is allowed to roll over at year-end (note: you must set up a medical FSA in the following year to receive rollover funds) any unused amount over $500 is lost! So choose your contribution amount carefully!
Dependent Care Account
Allows you to pay for certain child and dependent daycare expenses using before-tax dollars
- Money is only available AFTER it is deposited into your account
- Maximum contribution for 2021 is $5,000 (about $3,500 in take-home pay)
- $0 is allowed to roll over at year-end
FSA Administrator - WORKTERRA: 1-888-327-2770
Please remember the explanation above is just a summary. The official plan documents for the plan govern the operation of this coverage. You may request a copy from your benefits office at any time.