Third Party Administrator: Flex Compensation
Salary Reduction Flexible Spending Accounts – “Use It or Lose It” IRS regulation applies
Medical Spending Account (MSA)
You can set aside up to $2,550 per year on a pre-tax basis to pay for out-of-pocket expenses. You are also allowed up to $500 as a rollover into the following year.
Examples of what you can use and an MSA for…
- Doctor visit co-pays
- Prescription cost
- Health insurance deductibles
- Hearing aids
- Glasses, contacts, frames, etc.
- Dental treatment (including orthodontia)
Dependent Care Spending Account
- You can set aside up to $5,000 per year on a pre-tax basis to pay for reimbursement of child care expenses.
- This account is for reimbursement of child care expenses from day care or a private babysitter for children up to age 13.
- You can only be reimbursed for the amount that has accumulated in your account.
- Account can only be used for you and your spouse to be able to work or to go to school full-time.
*For access to claims forms, balance information, claim status, or direct deposit forms, visit the Flex Compensation website at flexcompensation.com.
For detailed information regarding your benefit coverage, please visit the HR website on connect.