FLEXIBLE SPENDING ACCOUNTS

The Federal Flexible Spending Accounts program (FSAFeds) allows you to pay for certain health and dependent care expenses with pre-tax dollars. You may choose to make a voluntary allotment from your salary to your FSAFeds account(s). You will not pay employment or income taxes on your allotments, and your employing agency also avoids paying employment taxes.

You have 60 days from your entry on duty to sign up for Flexible Spending Account(s), or until October 1, whichever comes first. Applications for the current calendar year are not accepted from October 1 to December 31. If you wish to enroll after October 1, you will need to do so during open season for the following year.

FSAs are not carried over from one plan year to the next, so each fall during the annual open season, you must make a new election for the upcoming plan year.

There are 3 types of FSAs offered by FSAFeds. Each type has a minimum annual election of $250 and a maximum annual election of $5000.

  1. Health Care FSA (HCFSA): Pays for eligible health care expenses (such as co-payments, deductibles, over-the-counter medications and products, vision and dental expenses, and much more) for you and your dependents which are not covered or reimbursed by FEHBP or FEDVIP coverage or any other insurance.
  2. Limited Expense Health Care FSA (LEX HCFSA): Designed by employees enrolled in or covered by a high deductible health plan with a health savings account. Eligible expenses are limited to dental and vision care expenses for you and your dependents, which are not covered or reimbursed by FEHBP or FEDVIP coverage or any other insurance.
  3. Dependent Care FSA (DCFSA): Pays for eligible dependent care expenses for your child(ren) under age 13 or for dependents unable to care for themselves, allowing you (and your spouse, if married) to work, look for work (as long as you have earned income for the year), or attend school full time.

For further information on the FSAFeds program, visit the FSAFeds website.

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