FSA Plan - An FSA allows an employee to set aside a portion of earnings to pay for qualified expenses such as medical and/or dependent care costs. The money deducted from an employee’s pay into an FSA is not subject to payroll taxes, resulting in a tax savings plan. One disadvantage is that funds not used by the end of the plan year are lost to the employee and forfeited back for administrative costs.
A medical FSA can be used to pay for expenses not paid for by insurance, usually deductibles, copayments, coinsurance amounts and allowable over-the-counter items. Contact benefits to find out what the contribution limits are as it changes every year.
Commuter Benefits – Refer to below flyer
A dependent care FSA can be used for certain expenses to care for dependents that live with you while you are at work. This can include children under thirteen, children of any age who are physically or mentally incapable of self-care, and senior citizens who live with you. Contact benefits to find out what the contribution limits are as it changes every year.
The plan is based on the calendar year and will run from January through December. An open enrollment email will be sent to all staff in October.