Flexible Spending Accounts (FSAs) allow you to set aside tax-free dollars to pay for predictable health care and dependent care expenses. The College offers two accounts:
- Health Care FSA (for eligible medical, dental and vision expenses)
- Eligible Healthcare FSA Expenses (WageWorks)
- Eligible Healthcare FSA Expenses (IRS Publication 502)
- If you participate in the PPO Plus HSA Plan, you may participate in a "Limited Purpose Health Care FSA."
- Carryover Provision: You may carry over up to $500 of any leftover Health Care FSA contributions for use in the following year.
- Dependent Care FSA (for eligible daycare expenses for a child or elder)
Because the IRS governs these accounts, you must make a new election each year if you want to participate. You are also required to use your account balance by the end of the calendar year or you will lose the remaining balance.
To contact WageWorks, go to www.WageWorks.com or call 1-877-924-3967.