Flexible Spending Accounts Overview
You can choose to participate in one or both of the following Flexible Spending Accounts:
Health Care Flexible Spending Account
Dependent Care Flexible Spending Account Flexible Spending Accounts (FSA) allow you to use before-tax dollars to pay for eligible Health Care and Dependent Care expenses. This means that any money deposited into an FSA will not be subject to federal and state income taxes. |
 |
| The Board of Trustees wants to emphasize that any money you put into an FSA must be used or you will lose it. This is not the Board's rule but an Internal Revenue Service rule. It is typically called "use it or lose it". Thus, it is important that you decide how much to place in an account carefully and conservatively. |
|
| If you elect to participate in an FSA, the Board will add $50 to either your Dependent Care or Health Care Account on October 1st and, provided you remain actively employed, another $50 on March 1st. That is $100 for you to spend for eligible expenses. |
|
 Health Care FSA
A Health Care FSA enables you to pay for:
medical
prescription
dental
vision
out-of-pocket expenses, such as deductibles, co-payments and expenses not covered by your health care coverage.You may also claim certain over-the-counter medications as qualified expenses. For example, many of us use pain relievers, allergy medicines and cough syrups - to name just a few. Click here for a comprehensive list of Over the Counter items. |
|
Dependent Care FSA
A Dependent Care FSA enables you to pay for out-of-pocket, work-related dependent day care cost for children under 13 such as:
pre-school
day camp
before and after-school care
with pre-tax dollars.You may also be eligible to use the Dependent Care FSA for adult day care expenses for a qualified family member. |
|
How FSAs Work
Decide how much you want to contribute.
Complete an enrollment form.
Amount you elect will be deducted from your paychecks in equal installments. The deduction will be taken before taxes.
Submit your out-of-pocket expenses incurred during the Plan Year on a claim form.
Receive your reimbursement check in the mail! |
|
More Info
All of the Plan benefits are described in more detail in the Summary Plan Description effective January 1, 2005. |
|
How do I enroll or obtain a Claim Form?
Go to the Forms Section of the website to download an enrollment form or a claim form. |
|
Get in-depth information here.
Dental Plan