Flexible Spending Account

A Flexible Spending Account (FSA) is an employer owned account that lets you set aside pre-tax dollars (which lowers your taxable income) to pay for eligible out-of-pocket expenses.

There are two types of FSAs offered:
1. Healthcare FSA – Can be used to pay eligible medical, dental, orthodontia and vision expenses
3. Dependent Care – Can be used to pay eligible expenses for childcare, eldercare or care for a disabled dependent

Important notes regarding Flexible Spending Account Plans:
• If you have elected to have money set aside in this account before taxes are calculated, you may not change your plan elections until the end of the plan year, June 30th, unless there is a significant change in your family status (marriage, divorce, death of spouse, birth of child, termination of spouse’s employment, or a significant change in your spouse’s health coverage). If a change in status occurs, you may make changes consistent with the qualifying event.
• The plan allows a carryover of $660 into the 2025-2026 year. If Medical FSA has a balance over $660 on June 30th, expenses incurred in 2024-2025 can be submitted until August 31, 2025, for reimbursement. Re-enrollment is required to carryover funds to the next plan year. If Medical FSA still has a balance over $660 after August 31, 2025, excess funds will be forfeited.
• You must request reimbursement of expenses incurred during the plan year within 90 days of your termination date. The IRS requires that any unused funds be forfeited.