Flexible SpendingFlexible Spending Accounts allow Full Time Employees to pay for certain expenses on a pre-tax basis for yourself, your spouse and dependents. By implementing this plan, you can reduce the taxes you currently pay.The Medical Flexible Spending Account allows you to be reimbursed for expenses not covered by insurance such as copays, orthodontics and vision. The reimbursement is from elected deductions withheld from your bi-weekly pays pre-taxed. The IRS limit of $2,750 has been set for the 2021 tax year.Dependent Care Flexible Spending Account allows you to pay for out of pocket day care expenses with pre-tax dollars. Expenses for dependent care may include if you or your spouse (if married) are looking for work, currently working or attend school. These expenses are covered if the dependent is under age 13 or is physically or mentally incapable of self-care and is claimed as a dependent on your income taxes. A limit of $5,000 is set for this account. Expenses above $5,000 may be eligible as a deduction on your income taxes.
Should You Enroll in a Flexible Spending Account (FSA)?
If any of these apply to you, an FSA can save you money on eligible healthcare and dependent care expenses:
- Have copays, deductibles or coinsurance for medical, dental or vision plans
- Purchase prescription medications
- Purchase medical supplies
- Wear glasses or contacts or plan on having laser eye surgery
- Receive orthodontia treatments, such as braces
- You and your spouse (if married) are working, looking for work or attend school full-time
- Have children under the age of 13 who attend daycare, before/after-school care or summer day camp
- Provide care for a person of any age who you claim as a dependent on your federal income tax return and who is mentally or physically incapable of caring for himself or herself
By using pre-tax money to pay for these expenses, you could save hundreds of dollars a year! (Your savings will depend on your personal tax situation.)
Enroll in an FSA during Open Enrollment!
OCTOBER 30, 2020 THROUGH DECEMBER 1, 2020Want to learn more and see how much you can save? Visit www.SpendingAccounts.Info or all FSA Hotline at 1-800-228-5762
Claims may be submitted online. You may also use your debit card at the point of service. If you prefer, you may contact customer service to obtain a claim form to mail or fax.WageWorks Customer Service may be reached at 1-800-678-6684. The customer website is myspendingaccount.wageworks.com. You will need to use code CARBONLEH-32147 to register.To determine what is an eligible expense, please click on the list below: