Flexible Spending Accounts
You may enroll in a flexible spending account (FSA) as a new hire, during the annual open enrollment or when you experience a family status change. The FSA allows you to pay eligible health care or dependent care expenses with pre-tax dollars. Your taxable income is reduced by the amount you contribute.
You may also change your annual election amount when you experience a family status change as defined by the IRS.
HEALTH CARE SPENDING ACCOUNT (HCSA)
· Defer $500- $2,500 per year on a pre-tax basis.
· Use for co-pays, deductibles, non-covered expenses.
DEPENDENT CARE ASSISTANCE PROGRAM (DCAP)
· Defer up to $5,000 per year on a pre-tax basis.
· Use for child and elder care costs; after school; daycare