Flexible Spending Accounts
EES offers two types of Flexible Spending Accounts (FSA). FSA plans allow an individual to pay for certain unreimbursed healthcare and dependent care expenses with pre-tax dollars. For many participants, the FSA plan provides a better tax benefit than is available to an individual taxpayer. The unique tax benefits of the FSA plan can be derived only from participation in an employer- sponsored program.
Eligibility
BTSD/EES employees may enroll in the flexible spending accounts upon hire and annually during the month of November for the following calendar year or upon a qualified change in status. You must return a completed enrollment form to the WSESU Central Office each year if you wish to participate during the following calendar year.
NOTE: The Internal Revenue Service requires that any unused funds in participant accounts at paln year-end be forfeited. Therefore, it is very important that you estimate your contributions carefully.
Health Care Spending Account - BTSD/EES offers a Health Care Spending Account. through this benefit an employee can pay for non-covered health care expenses on a pre-tax basis, reducing the individual's federal and state income tax liability.
Expenses must be medically related. Examples include:
- Physician office and prescription drug co-payments
- Medical deductibles and coinsurance
- Eyeglasses and contact lenses
- Orthodontia and dental benefits not covered by your dental plan
Dependent Care Spending Account - The Dependent Care Assistance Program (DCAP) allows you to pay for certain dependent care expenses with pre-tax dollars. Participating in DCAP can reduce the individual's federal and state income tax liability. Through DCAP, you may pay on a pre-tax basis for qualified dependent care expenses such as day care, nursery schools, and day camp.