Flexible Spending Accounts (FSA)
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| | Flexible Spending Accounts (Section 125) are a benefit option which allows employees to set aside dollars on a pre-tax basis for reimbursement of eligible medical and dependent care (daycare) expenses generally not covered in the health insurance plan. This account can include deductibles, co-pays, or other out-of-pocket expenses. The maximum contribution allowed during a plan year for the medical account is $5,000 and for the dependent care account s $5,000. |
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| | | To take advantage of FSA’s, current employees must enroll during the annual open enrollment period. New employees may enroll when they become eligible for benefits. |
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