When you enroll in a Flexible Spending Account (FSA), you set aside pretax money to pay for eligible healthcare and/or dependent care expenses. You never pay taxes on the dollars you set aside in an FSA, which helps you save cash.
McIlveen offers both a Health Care FSA and a Dependent Care FSA.
You can review the IRS rules and the maximum amounts allowed by visiting Healthcare.gov.
Health Care FSA allows you to set aside a certain amount to cover eligible health care expenses for yourself and your dependents. Eligible expenses include office visit copays, deductibles, orthodontia, vision expenses, and more.
Dependent Care FSA allows you to set aside a certain amount to cover eligible child care or adult daycare expenses. Use this account to cover expenses related to babysitters, nanny services, licensed daycare, preschool fees, before- and after-school programs, elder care services, and more.
The accounts are easy to use. For the Health Care and Dependent Care FSA, you file claims with Human Resources to get reimbursed in your paycheck.
For the plan year, expenses must be incurred January 1 through March 15, 20xx of the next year to be eligible for reimbursement. You have until March 31, 20xx, to submit claims for reimbursement. Any unused FSA funds are subject to the “use it or lose it” rule and will be forfeited.
To participate in the FSA, you need to enroll and choose the amount you would like to set aside each year. Only eligible expenses can be reimbursed under the FSA. These expenses are defined by IRS rules and your employer’s plan. You can learn about your employer’s plan by reading the