Flexible Spending Accounts
A Flexible Spending Account (FSA) allows you to set aside money on a pre-tax basis for eligible out-of-pocket expenses for you and your eligible dependents. With a Flexible Spending Account, you can reduce your taxable income because payroll deductions are made on a pre-tax basis. Annual Enrollment for the new calendar year is held during open enrollment each year.
There are two types of Flexible Spending Accounts:
- Health Care Spending Account or HCSA is for out-of-pocket healthcare expenses not paid by insurance, including exams, co-payments, deductibles, eyeglasses, contact lenses and dental expenses.
- Dependent Care Assistance Program or DCAP is used for dependent care expenses you incur so you and your spouse can work, look for work, or attend school full-time (ex: day care for a child).
Contact Sandra Escaleira at 508-999-8045 with questions or additional information.