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Flexible Spending Accounts (FSA)

Spending Accounts

 

The Health Care and Dependent Care flexible spending accounts (FSAs) are a great way to save money on taxes.  Credits and/or pre-tax money from your wages is deposited monthly into a spending account.   Deposits to these accounts avoid all Federal, State, Local and Social Security/Medicare taxes.  When you incur qualified expenses, you file for reimbursement from the account.  Once you are reimbursed, you have paid your expenses with tax-free money.

You are eligible to enroll when you are hired and become benefit eligible, and during an annual benefits open enrollment period.  You can only make a change (or enroll in) a spending account(s) outside of these times if you have a qualifying event.