Flexible Spending Accounts (FSAs) let you contribute pre-tax money into an account to pay for eligible health care or dependent care expenses.
You do not have to enroll in a CPM health plan to be eligible for this benefit. If you are enrolled in the Core HDHP, you can ONLY enroll in a Limited Flexible Spending account only.
How the Health Care FSA Works
- Estimate health care expenses for you and your eligible dependents.
- Contribute up to $3,050 for the year with pre-tax money with the ability to carry over $610 to following years.
- Use a debit card to pay for copays, coinsurance, prescription drugs, glasses, and other eligible expenses.
*You can use up to the amount you elected to contribute, even if the money is not yet in your account.
The Dependent Care FSA can be used to pay for day care expenses for eligible dependents under age 13, as well as adults who are physically or mentally incapable of caring for themselves, if you and your spouse are working or going to school.
How the Dependent Care FSA Works
- Estimate daycare provider expenses.
- Contribute up to $5,000 (if single or married, filing taxes jointly) or $2,500 (if married filing separately) with pre-tax money.
- Pay your daycare provider and submit a claim for reimbursement.
*You can only be reimbursed up to the amount in your FSA.