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:

1. 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. 

2. 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.