What is a Flexible Spending Account (FSA)?
- If an employee or family member has predictable health care or work related day care expenses, then they may benefit from participating in an FSA.
- An FSA allows you to set aside money from your paycheck through bi-weekly pre-tax payroll deductions for reimbursement of health care and day care expenses.
- You can enroll into an FSA account each year during open enrollment or during a qualifying event.
- Participation in the health and/or dependent FSA will save you money by reducing your taxable income since federal tax is calculated after the elected amount is deducted from your salary.
- You can elect up to $2,600 maximum for health care expenses and up to $5,000 maximum for dependent care expenses.
- You may carry over $500 of unused health care FSA funds into the next plan year as long as you re-elect the benefit during open enrollment. Dependent care FSA cannot be carried over.
Dependent Care FSA
Balances and Transactions
If you have any questions about balances and transactions, you may access your Benefits Workshop account by going to their website or calling their number above.