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Flexible Spending Accounts
Allows employees to set aside money on a pre-tax basis for a wide variety of comon health care and dependent day care expenses for you and your eligible dependents.
Health Care Spending account allows for a minimum of $120 to a maximum of $2,500 annually to be withheld to pay out-of-pocket expenses associated with medical care (co-pays for doctor visits, prescription co-pays, etc.).
Dependent Care Spending account allows for a minimum of $120 to a maximum of $5,000 to be withheld to pay out-of-pocket expenses associated with day care costs (day care fees, after care costs for children, etc.)
Use it or lose it provision. Receipts must be for bona-fide expenses or the State will not allow access to monies in the account. Employees have until October 15 (after the end of the coverage term) to submit claims for reimbursement, however expenses must be incurred during the coverage period (July 1st to June 30th).
Enrollment in any spending account prohibits employees from claiming the identical expenses on their income taxes.