Flexible Spending Account Information

Current employees have the option of enrolling in, updating, or cancelling their flexible spending elections during fall Open Enrollment or with a Qualifying Life event. New hires are eligible to enroll without a qualifying life event in the first 30 days of employment. A Flexible Spending Account (FSA) allows you to set aside pre-tax dollars for eligible health care and dependent care expenses, reducing your taxable income!

There are two types of Flexible Spending Accounts (FSA), Healthcare and Dependent Care:

1. Healthcare FSAs
   
   • Used for eligible medical expenses, including doctor visits, prescription medications, dental, and vision care.
   • Covers you, your spouse, and eligible dependents.
   • Annual contribution limit: $3,400.
2. Dependent Care FSA
   
   • Used for eligible dependent care expenses, such as daycare, after-schools programs, and elder care.
   • Covers expenses for dependents under 13 years of age or elder dependents who require care.
   • Annual contribution limit: $7,500.

How It Works

• For Health Care FSA, funds are available for eligible expenses starting on the first day of the plan year.
• For Dependent Care FSA, funds are available as you contribute to the account throughout the year.
• Submit claims via mobile app, mail, email, or online easily for reimbursement!
• Be conservative in determining your coverage election – funds not used by year end will be forfeited without re-enrollment for the following coverage year.
• Re-enrollment would allow for a maximum rollover of $680 on your health care flexible spending. There is no rollover on dependent care flexible spending.

How to Make an Enrollment Change

• Flex Spending re-enrollment is required annually during open enrollment to remain enrolled each calendar year.
• Changes may also be made if you have a Qualifying Life Event.

How to Apply

Enroll or Modify Your Flexible Spending Account

In order to maximize security of personal information, please do not submit forms via email.

Plan Contact

Cafeteria Plan Advisors
781-848-9848
info@cpa125.com