Flexible Spending Accounts

A Flexile Spending Account (FSA) is a benefit program that allows you to set aside money on a pre-tax basis for eligible out-of-pocket expenses for you and your eligible dependents. With an FSA, you can reduce your taxable income because deductions are made on a pre-tax basis . Annual Enrollment for the new calender year is held in November. These program are administered by SHIPS .

There are two types of FSA's:

The 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. The limit is currently   $ 2,500 annually.

The 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).  The limit is currently $5,000 annually.

• 2008 HCSA and DCAP Enrollment Form
• Eligible Expenses
• Eligible Health Care Debit Card Merchants
• Health Care Expense Reimbursement Form
• Dependent Care Expense Reimbursement Form

 Last Updated On: 6/13/08