Flexible Spending Accounts (FSA)
Health Care FSA
A Flexible Spending Account is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.
Dependent Care FSA
You can set aside money to pay for dependent care expenses so long as you (and your spouse) work or attend school full-time. Eligible expenses, as determined by the IRS, are paid to qualified providers for the care of children under the age of 13 or other dependents not capable of self-care. (These dependents must be claimed on your federal income tax return.)
Provider: Flores & Associates
Eligibility: All Full-Time Employees (>30 Hours)
|Health Care||Dependent Care|
|Minimum Annual Savings||$100||$100|
|Maximum Annual Savings||$2,650||$5,000|
|Rollover Option (if you don't spend all of your savings)||Yes, up to $500||No|
|Flores Card (credit card to pay for qualified expenses)||Yes||No|
|Can you change or enroll any time of the year||Not Without a Qualifying Event||Not Without a Qualifying Event|
|Annual Amount available on the first of the year||Yes||No, is reimbursement only|
What’s a medical FSA?