What is a Flexible Spending Account?
Flexible Spending Accounts (also referred to as reimbursement accounts) let you set aside money from your paycheck before federal, state or city income taxes or Social Security taxes are deducted. Reimbursement is tax-free, too. You pay no taxes on the money you contribute to and receive from either reimbursement account.
You may set up a health care account, a dependent care account, or both.
In additions we offer a Limited Healthcare Reimbursement Account for those participating in an HSA plan. The Limited Healthcare Reimbursement account will be used for eligible dental and vision expenses only.
Health Care Contributions
You may set aside any dollar amount from a minimum of $24 to a maximum of $2,500 per year (subject to change) in your health care reimbursement account (HCRA). You can use this money to pay for a variety of eligible expenses.
Dependent Care Contributions
You may set aside any dollar amount from a minimum of $24 to a maximum of $5,000 per year (subject to change) in the dependent care reimbursement account. If you are married and your spouse participates in a similar account through his or her employer, you may set aside no more than $5,000 combined per year (subject to change).
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