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Flexible Spending Account (FSA) for Health Care and Dependent Care Expenses
This is an account that allows you to contribute pre-tax dollars on an annual basis to use for health care and dependent care expenses. You can participate in this benefit even if you are not enrolled in the health plan. Eligible expenses are based on IRS regulations, which include copays, coinsurance, and other medical expenses, including the cost of care of any eligible dependent for working parents.

If you are enrolled in the HDHP, you are ineligibel to participate in the health care FSA; however, you may elect to contribute to a dependent care FSA. By law, you must indicate your elections for FSA benefits annually.

Annual Contribution Limits:
Health Care Spending Account: Maximum of $2,700
Dependent Care Spending Account: Maximum of $5,000


Compare the Numbers...

  Without Savings With FSA
Monthly Gross Pay $2,000 $2,000
Pre-Tax Election $0 -$200
Monthly Gross Pay $2,000 $1,800
Less Taxes (15%) -$300 -$270
FICA (5.65%) -$113 -$101.70
Net Pay after Taxes $1,587 $1,428.30
After-Tax Expense -$200 Paid Pre-Tax
Net Income $1,387 $1,428.30
Tax Dollars Saved with FSA: Monthly - $41.30  Annually - $495.60