A Flexible Spending Account is an employer-sponsored benefit that allows you to pay for certain non-covered medical expenses (such as doctor's office co-pays and prescription drugs) with your pre-tax income. Because this benefit uses pre-tax dollars, a Flexible Spending Account is a great way for you to save money on your healthcare costs, as well as increase your take home pay! Your employer also offers a Dependent Care spending account, which can be used to pay day care expenses for eliglibe children and/or elderly dependents.
In the event that you realize an election error PRIOR to the start of the FSA plan year, please contact the Insurance Department as soon as possible prior to the plan year beginning. If you discover your error AFTER the plan year has begun, you must contact the Insurance Department within 90 days of the start of the election of coverage.
Health Care Max: $3,500
Dependent Care Max; $5,000