FLEXIBLE SPENDING ACCOUNTS
What is an FSA?
An FSA is a tax-advantaged benefit plan whose funds are exempt from taxes. Your out-of-pocket health care expenses are eligible for reimbursement if the expenses are for medically necessary care or treatment incurred during the Plan Year. If you have dependents, your out-of-pocket expenses for their health care and treatments are eligible too!
What is Dependent Care Assistance?
A Dependent Care Assistance Plan (DCAP) is a tax-exempt benefit you can use to pay your out-of-pocket expenses for the custodial care of dependents claimed on your federal income tax return. Your account in the Plan is funded by tax-free dollars that you set aside from your paycheck in order to use as payment for eligible day care type services.
What is Dependent Care Assistance? Plan Rules:
• Eligibility: Full-time employees working 20 or more hours per week, spouse, and children (up to age 26)
• Coverage through Medcom
• Plan year is from July 1- June 30 and employees must re-enroll each year
• Only family status changes will allow you to change your annual election. The altered election must be
consistent with the status change
• Married and not filing jointly participants limited to $2,500 deferral for Dependent Care
• Transfer of funds between the Dependent Care and Medical Care accounts are not allowed
• **NOTE: BCS Childcare NOT eligible to use Dependent Care funds
• Please visit your Employee Benefits website for a complete listing of eligible expenses and
Phone: 800-523-7542, option 1
Medical FSA Annual Maximum: $2,650
Dependent Care Annual Maximum: $5,000
$500 Carryover available for Medical FSA
Dependent Care is "use it or loose it", does not carryover
Monthly Admin Fee: $3.70