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Flexible Spending Account
It is important to carefully plan expenses prior to allocating an amount to either
health care
In a health care FSA, your employer will determine the annual maximum
contribution level. The account is funded through payroll deductions,
and you will have access to your entire contribution amount on the first
day of your Plan.
Health Care FSA
(x)
In a dependent care FSA, the IRS determines the annual maximum contribution
level. The account is funded through payroll deductions, and you can
be reimbursed only up to the amount of contributions to date.
Dependent Care FSA
(x)
FSAs provide the most benefit if you:
- Have dependent children under age 13 who regularly require a
paid caregiver; - Take on-going prescription medication(s);
- Wear corrective lenses; or
- Have regularly occurring medical expenses.
The following eligible expenses are sample lists only; other items may be covered as determined by the Internal Revenue Service.
Eligible Health Care Expenses:
- Deductibles
- Co-payments
- Maternity and delivery expenses
- Chiropractic expenses
- Eye examinations and prescription eyeglasses, sunglasses, or
contact lenses - Hearing exams, hearing aids, or other special equipment for the
hearing-impaired - Dental or orthodontic expenses
- Prescription drugs and medical supplies
- Certain over-the-counter medications (allergy, antacids, cough & cold, pain relievers)
- Acupuncture
- Home health care
Eligible Dependent Care Expenses:
- Nursery school, day care center, or individual fees
for care of
preschool children - Before- or after-school care for children in grades K – 12
- Care of disabled dependents of any age
