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You can elect to set aside a portion of your earnings into a Flexible Spending Account (FSA) to cover the cost of certain out-of-pocket health care and dependent care expenses for you, your spouse and your dependents. You decide how much money to put into an account during the enrollment period. The money you set aside in the FSA is free from payroll taxes. Review the Enrollment Guide for details on how the FSA Plan can benefit you.
Standard Health Care FSA Covers medical, dental, vision care and other qualified expenses. Eligible expenses include plan deductibles, coinsurance, co-payments and expenses that insurance may not cover such as prescription and over-the-counter drugs, or orthodontia. Annual maximum is detailed in the Flex Plan Summary. Includes rollover option which allows some unused balances to roll into the next plan year, provided you make an election for the new plan year.
Dependent Care FSA Covers expenses you incur for dependent care while you are at work. Eligible expenses include daycare, nursery school and day camp for children, as well as services for older dependents that cannot care for themselves. The annual maximum is $5,000.
FOR MORE INFORMATION: Review the Flex Plan Summary or detailed Summary Plan Description. Flexible Spending account balances and forms can be found on the EBC Website.