Flexible Spending Account (FSA)
How It Works
A Flexible Spending Account (FSA) is a simple and convenient way for you to make the most out of your paychecks. When you enroll in an FSA you can pay for health care and dependent care expenses and save money at the same time.
You set aside a predetermined amount to be deducted from your paycheck, which is then deposited into your FSA(s). The amount that you designate is deposited before federal and state income tax withholding or Social Security is deducted. This means the funds that you set aside to pay for your health care or dependent care expenses are tax-free…saving you money. At the end of the year, your W-2 form will indicate your taxable income as your regular gross salary minus your FSA contributions.
You can enroll in any FSA during Open Enrollment or after you experience a qualifying life event (marriage, divorce, birth, adoption, etc.).
Types of FSAs
Health Care FSAs
Health Care FSAs are used to reimburse health care expenses, including any insurance deductibles, as well as medical and prescription copayments that are not covered by your medical plan. Some examples of eligible medical expenses include the following:
- Deductibles and copayments incurred under the medical plan
- Vision and dental care expenses
Dependent Care FSAs
Dependent Care Accounts are used to reimburse expenses associated with the care of a dependent child or adult while you continue working or searching for work. Child care costs are eligible for reimbursement if a child is younger than 13 and you claim the child as a dependent on your federal income tax return. Costs of care for an adult dependent, including a spouse or a parent, qualify if the adult is physically or mentally disabled.
Accessing Your Account
When you login for the first time, you will use a pre-assigned username and password.
Visit: myFlexDollars.com
Enter Your Initial Username: Date of Birth (DDMMYY) + Team Member ID + Home Zip Code
Enter Your Initial Password: dollars
After logging in, you will be prompted to change your credentials to your preferred username and password. Use the contact information below if you are experiencing any issues accessing your account.