TexFlex
Flexible Spending Accounts (FSA)
FSA-Dependent Day Care
FSA
Dependent Day Care account allows employees to deduct money
from their salary before taxes and place the money into an account
to pay for childcare or elderly care expenses. The expenses must be
necessary for you to continue working. If married, you and your
spouse must both be working, or your spouse must be a full-time
student or disabled.
To be considered a "dependent," the person receiving care
must be eligible to be claimed as your dependent on your federal
income tax return and be either:
-
under age 13; or
- your spouse or other dependent who is physically or mentally incapable or self-support, and who spends at least 8 hours per day in your home.
As a new employee, you may enroll in a dependent care account within 31 days of your hire date in a benefits-eligible position. It is irrevocable for the plan year if you remain employed unless there is a qualifying family status change, which allows you to enroll, cancel, or change the amount of your reimbursement account. A change form must be submitted within 30 days of the family status change to initiate the change.
Any money not used by the end of the fiscal year is forfeited. For more information, please click on Flexible Spending Accounts Day Care: 9 month pledge option or 12 month pledge option
FSA-Health Care
FSA
Health Care account allows employees to deduct money from their
checks before taxes and put the money into an account to pay
medical bills that are not covered by the group insurance. Eligible
health care expenses are expenses that are "medically necessary."
In addition, to qualify as a reimbursable health care expense, the
expense must be incurred (received) during your eligible period of
coverage, and not be reimbursable from any other health insurance.
As a new employee, you may enroll in a health care
reimbursement account within 31 days of your hire date in a
benefits-eligible position. It is irrevocable for the plan year
even if your employment terminates. Any money not used by the
end of the fiscal year is forfeited. For more information,
please click on Flexible Spending Accounts Health Care:
9
month pledge option or
12
month pledge option
