Flexible spending accounts allow you to pay eligible health care or dependent care expenses with pre-tax dollars. Your taxable income is reduced by the amount you contribute. Both plans are administered by Benefit Strategies.
If you enroll in the Health Care Spending Account, you will receive a debit card that may be used anywhere that accepts debit cards to purchase eligible expenses. If you enroll in the Dependent Care Assistance Program, you must submit claims with evidence of payment, and you will be reimbursed via check or direct deposit (if you elect this option).
You must enroll as a new hire during your first 31 days of employment, otherwise, you may enroll during the open enrollment period held annually. NOTE: certain family status changes may enable you to enroll other than as a new hire or during open enrollment – contact the Benefits Department for information.
NOTE: The IRS requires that any unused funds at plan year end be forfeited. You should estimate your contributions carefully. IRS regulations do not allow same sex spouse to be a dependent on the health care spending account.