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Enrolling in an FSA allows you to make tax-free salary contributions to pay for eligible medical and dependent care expenses that are not covered or reimbursed by any other source. FSAs increase your take-home pay by reducing taxable income, making these out-of-pocket expenses more affordable.
You will not pay federal income tax, Social Security tax and most state taxes (varies by state) on contributions to a Medical and/or Dependent Care FSA.
Tax-free contributions may slightly reduce your Social Security benefits. However, the value of your tax savings with an FSA should more than offset the slight reduction in Social Security benefits in future years.
No. Services must be provided on or after your effective date.
No. You must enroll again before the beginning of each new plan year. This gives you a chance to change your election each plan year as your circumstances change.
Your Medical FSA will terminate as of the date your employment terminates. Eligible medical services provided prior to your date of termination will still be eligible for reimbursement, but services provided after the date of termination will not be eligible unless you are eligible for and elect to continue coverage under COBRA.
Your Dependent Care FSA balance will continue to be available for reimbursement of eligible services provided at any time within your plan year.
No. IRS regulations do not allow this.
Any applicable maximum/minimum amounts for your annual FSA elections are indicated in your Plan Highlights.
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