Flexible Spending Accounts
With Flexible Spending Accounts (FSAs), you can use pre-tax dollars to pay for certain allowed expenses. There are two different plans:
• The Health Care FSA plan is used for eligible out-of-pocket Health Care costs.
• The Dependent Care FSA plan is used for eligible dependent care expenses while you work.
You can choose to contribute to one or both of these FSA options. Here’s how the plans work:
1) You decide how much you want to contribute to one or both FSAs for the calendar year.
2) Your contributions are then taken out of your pay in equal amounts each pay period before taxes are deducted.
3) You incur eligible expenses.
4) You use your FSA Debit Card to pay for health care and/or dependent care expenses at participating locations, or file a paper claim.
5) Your reimbursements are paid to you tax-free.
Advantages of FSAs:
Flexible Spending Accounts are a great way to save money because your eligible expenses are paid using tax-free dollars. You don’t pay federal, FICA, or most state income taxes on contributions you make to the FSA. Depending on your tax bracket, you may save as much as $40 for every $100 you contribute to an FSA.
∙ PayFlex - FSA Administrator
∙ PayFlex - FSA Administrator Debit Card Information
∙ Important Information: Your 2011 FSA and Over-the-counter Items
Click Here to View the Flexible Benefit Plan SPD
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