Flexible Spending Accounts
Flexible Spending Accounts (FSA) allow employees to set aside pre-tax dollars for two purposes: either qualified medical expenses (Health Care FSA) or qualified dependent care expenses (Dependent Care FSA).
Who is Eligible?
Employees who are opted out of the College’s health insurance plans or are not enrolled in the College’s high deductible health plan may open a Flexible Spending Account.
What is a Health Care FSA?
A Health Care FSA can reimburse you or help you pay for medical and/or dental expenses not paid for by insurance, usually deductibles, copayments, and coinsurance for the employee’s health plan.
What is a Dependent Care FSA?
A Dependent Care FSA can be established to pay for certain expenses to care for dependents who live with someone while that person is at work. While this most commonly means child care, for children under the age of 13, it can also be used for children of any age who are physically or mentally incapable of self-care, as well as adult day care for senior citizen dependents who live with the person, such as parents or grandparents. Additionally, the person or persons on whom the dependent care funds are spent must be able to be claimed as a dependent on the employee’s federal tax return.
Annual Limits for FSA beginning January 1, 2021
Health Care FSA: $2,750 per year
Dependent Care FSA: $5,000 per year, per household
These accounts are administered by Benefits Allocation Systems and can be monitored online at www.MyEnroll.com. Reimbursement requests submitted by Thursday of each week will be processed and a check will be cut the following Tuesday.