Flexible Spending Accounts (FSA) allow you to pay for qualified expenses using pre-tax dollars. The money deposited into your spending account is deducted from your paycheck before taxes are withheld, which lowers your taxable income and increases your spending power.
Eligibility: Full-time employees are eligible for the FSA the 1st of the month following 30 days of service.
Flexible Spending Accounts (FSA) allow you to use pre-tax dollars to pay for eligible out-of-pocket expenses. You can choose to contribute to any of the following: 1) Health Care FSA or 2) Dependent Care FSA. FSAs will lower your taxable income and allow you to keep more of what you earn! Please refer to the Summary Plan description for details and exclusions.
For example, if your monthly childcare costs are $300, you can designate $300 per month to be put into a flexible spending account. These dollars are deducted from your monthly pay before taxes. Reimbursements can be deposited directly into your checking account upon submitting a completed claim form along with your detailed receipt. (Please note, the monthly deduction amount must be determined at the beginning of the plan year)
However, if you do not use all of the dollars accrued for your flexible spending account within the plan year, the money is retained by EOI. Therefore, you must be certain that you will use all the money that you contribute to the plan.
The funds in these accounts may be used to pay for eligible out-of-pocket expenses for medical, dental, vision and/or dependent care. The employee will designate the contribution amount for the account which will then be deducted through payroll subject to the following maximums:
A Medical Flexible Spending Account is available to you to pay for qualified expenses. The annual maximum contribution is $2,550 (or $2,750 if you participate in the health assessment).
The Dependent Care Spending Account helps you pay for daycare expenses for a dependent under the age of 13 or for care of a disabled spouse or parent while you work. Eligible expenses include things like payments to a licensed daycare provider or nursery school, before and after school care, a summer day camp program, or elder care. The annual maximum contribution is $5,000 per family or $2,500 for married employees filing a separate tax return. Fill out the table below to estimate how much you should contribute to your account.
Note: Expenses must be incurred by March 15th of the following year or they will be forfeited.