Flexible Spending Accounts (FSA)
Empowering you with the ability to set aside pretax dollars to pay for eligible expenses.
FSAs
Flexible Spending Accounts (FSAs) allow you to pay for eligible expenses using tax-free dollars. There are four types of FSAs—the Healthcare FSA, the Limited Purpose FSA, Dependent Care FSA and Commuter Benefits Program.
| HEALTHCARE | LIMITED PURPOSE | DEPENDENT CARE |
|---|---|---|
| Contribute up to $3,300 per year, pretax. | Contribute up to $3,300 per year, pretax. | Contribute up to $5,000 per year, pretax, or $2,500 if married and filing separate tax returns. |
| Eligible expenses include most medical, dental and vision expenses that are not covered by your health plan. If you have an HSA, you are not eligible for the Healthcare FSA. | Available to those with an HSA. Eligible expenses include most dental and vision care expenses. | Use for eligible dependent care expenses for children to age 13 including day care and after-school programs, as well as elder care programs. |
| Your elections are effective from January 1 through December 31. You may carry over $640 in unused funds to the following plan year. Any money remaining in your FSA over $660 as of March 31 of the following year will be forfeited per IRS regulations. | Your elections are effective from January 1 through December 31. You may carry over $660 in unused funds to the following plan year. Any money remaining in your FSA over $640 as of March 31 of the following year will be forfeited per IRS regulations. | Your elections are effective from January 1 through December 31. Any money remaining in your FSA as of March 31 of the following year will be forfeited per IRS regulations (there is no carry over). |
Commuter Benefit
Use pretax dollars to pay for your parking or public transportation expenses while commuting to work. This program is voluntary and you may participate on a month-to-month basis. Any unused funds in any month are rolled over to the next month’s contribution.
| ACCOUNT | USE FOR | CONTRIBUTIONS |
|---|---|---|
| Transportation or Public Transit | Monthly passes, tokens, fare cards/vouchers (transit and vanpool expenses) for you. | $325 monthly maximum |
| Parking | Fees associated with parking at or near your place of employment, or parking at or near public transportation to get to work (e.g., parking at a bus or subway station) | $325 monthly maximum |
It’s Easy to Use These Accounts
- First, you contribute to the account(s) with pretax dollars deducted from your paycheck. That means no taxes will be withheld from any of those dollars.
- Then, you pay for certain eligible expenses out of your pocket as usual. You may use your debit card or submit a claim to be reimbursed for those expenses from the dollars in your account.
Review the FSA quick reference guide.