Flexible Spending Accounts (FSA)
You can reduce the dollars you pay in income taxes by participating in the City’s Flexible Spending Accounts. The Health Care Spending Account, Dependent Care Spending Account and Adoption Assistance Spending Account let you pay for covered expenses with pre-tax dollars.
Flexible Spending Accounts are pre-tax; therefore, any changes during the plan year may only be made when a qualifying event occurs. Flexible Spending Accounts are Use it or Lose it accounts. If you do not incur the expenses to use your money by December 31, you will lose any unused dollars remaining in the account. Reimbursement must be applied for prior to March 31 of the following year. The Health FSA allows you to carry over up to $500 for use in the next year. That money will be available to you after the run-out period ends, March 31. This carryover does not impact the amount you can contribute in the next plan year.
Your enrollment does not roll over from year to year. In order to participate in future years you must re-enroll during the Open Enrollment Period.
Health Care Spending Account
Qualified expenses include medical, dental, vision, and hearing expenses or you and your dependents. Include only your expenses after reimbursement from insurance plans in this election. You do not have to cover a dependent on the medical or dental plans in order to use the money on their expenses.
You will be provided a debit card to pay your expenses directly from the account. You must retain receipts in the event the FSA Company or IRS requires copies of receipts to verify the claims were for qualified medical expenses.
If you are participating in the Consumer Choice health insurance plan, plan, you will have a Health Savings Account and cannot enroll in the FSA Health Care Spending Account.
Examples of Qualified Medical Expenses:
- Eye exams/Glasses/Contact Lenses
- Lasik eye surgery
- Dental Care, including orthodontia
- Durable medical equipment prescribed by a physician
Salary Reduction Amount: Minimum of $260, maximum of $2,550 per year
Dependent Care Spending Account
If you have children under the age of 13 or a disabled spouse or tax dependent disabled parent/child, you may set aside funds on a pre-tax basis to help pay for their care. Both you, and your spouse, if married, must work outside the home or in school full time. You may participate in the Dependent Care Spending Account if you are enrolled in the Consumer Choice plan.
Examples of eligible expenses:
- Babysitting, inside or outside your home
- Day Care Providers
- Adult care inside or outside your home
- Private School Tuition is NOT reimbursable under the Dependent Account.
- When claiming Dependent Care Expenses, you must provide the SSN or Tax ID of the provider.
- Salary Reduction Amount: Minimum of $260, maximum of $5,000 PER family or $2,500 if married and filing separate tax returns
Adoption Assistance Spending Account
Qualified expenses include Adoption Fees, Attorney Fees, and Court Costs associated with adoption proceedings. Include only your expenses after reimbursement from insurance plans in this election.
Salary Reduction Amount: Minimum of $260, maximum of $12,650 per year.
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