Flexible Spending Accounts are helpful savings tools.
Eligible full-time faculty and staff have the choice to enroll in a Health Care FSA and/or a Dependent Care FSA for 2016. With a Health Care FSA, you can contribute up to $2,550 ($5,000 for a Dependent Care FSA) each year to pay for eligible expenses. You contribute funds through pre-tax payroll deductions.
If you are currently enrolled in an FSA and would like to continue coverage for 2016, you are required to re-enroll during the enrollment period. Your elections will not carry over automatically.
Remember, current Health Care FSA participants can roll over up to $500 into the 2016 plan year. You can use your Health Care FSA to pay for deductibles, copays and coinsurance for your medical, dental, or vision care expenses. This includes these expenses for your eligible dependents.
Money in your Dependent Care FSA is not eligible to roll over. You can use your Dependent Care FSA for expenses that enable you or your spouse (if you are married) to work or attend school full time, including expenses for child care or elder care.
You cannot use your Health Care FSA funds for eligible Dependent Care FSA expenses, and vice versa. For a more complete list of eligible expenses for both FSAs, go to the Benefits website.