The Health Care and Dependent Care Flexible Spending Accounts (FSA) allow you to set aside pre-tax dollars to pay for eligible expenses. By contributing to an FSA you reduce your taxable income, so you pay less in taxes — which saves you money.

HEALTH CARE FSA

You may contribute up to $2,750 annually
All benefit eligible can participate, unless you or your spouse are contributing to an HSA
Reimbursements allowed for unreimbursed medical, prescription, dental, and vision expenses

DEPENDENT CARE FSA

You may contribute up to $5,000 annually or $2,500 if you are married and file taxes separately from your spouse
if you participate in a Dependent Care FSA, you cannot apply the same expenses for a dependent care tax credit when you file your income taxes.

FSA Contributions

The election you make during enrollment is your election for the entire plan year. You may change it only if you have a qualifying life event and the change request must be consistent with the event.

How the FSA Plan Works

You must incur your eligible expenses during the plan year — January 1 to December 31. An expense is considered to be incurred when the service is performed, not when you are billed or pay for the service. Your Health Care FSA has a $550 roll over feature which allows any amount of $550 or less remaining in your account at the end of the plan year to roll over into the new plan year. Any unused funds over $550 will be forfeited.

ROWE Professional Services Company

Table of Content