Flexible Spending Accounts
A Flexible Spending Account (FSA) allows you to reimburse yourself (with your own money) for eligible Health Care and/or Dependent Care expenses - tax free. By participating in these accounts, you do not pay Federal, State, or city taxes on the money you contribute. Participation is voluntary and employees must sign up during open enrollment.
Health Care Flexible Spending Account (HC FSA) – used to reimburse you for out-of-pocket health care expenses, including prescription medications for you and your eligible dependents. A full list of eligible and ineligible expenses are available at http://www.irs.gov/pub/irs-pdf/p502.pdf. Reimbursement for over-the-counter (OTC) medications (except insulin) are no longer permitted under FSA’s unless the individual obtains a prescription for the drug or medicine. The maximum amount you may elect for 2013 is $2,500.
Dependent Care Flexible Spending Account (DC-FSA) – used to reimburse you for out-of pocket expenses for dependent care expenses, whether for a child or an elder. This includes expenses for someone else to care for your dependent (under the age of 13 for dependent children) so you may work. The maximum amount you may elect for 2013 is $5,000.
Any unused funds will be forfeited per Internal Revenue Service (IRS) guidelines. The IRS requires that these unused dollars be forfeited as a condition of offering spending accounts.
Click here for Flexible Spending Account Employee Enrollment Form.
Click here for Reimbursement Request Form
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