Flexible Spending Accounts
In an FSA, employees may set aside on a pretax basis a pre-established amount of money per plan year. Medical Flexible Spending Account (FSA) annual contributions are capped at $2,750 per Plan Year, per employee. Consider the ‘Use it or Lose it Rule’ - It is important to be conservative in making elections because unused funds left in your account at the close of the Plan Year are not refundable to you.
Dependent Care FSA allows you to use pretax dollars to pay for eligible expenses related to care for your child, disabled spouse, elderly parent, or other dependent who is physically or mentally incapable of self-care, so you (or your spouse) can work, look for work, or attend school full time. Medical expenses for your dependent are not eligible for reimbursement under the Dependent Care FSA.
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