Flexible Spending Accounts

What is a Flexible Spending Account?
A Flexible Spending Account (FSA) is a benefit which allows employees to set aside a pre-determined amount of money each year on a pre-tax basis to pay for allowable healthcare and/or dependent care expenses not covered by the Employee’s health plan.

Examples include:

  • Prescription Drugs / Medications
  • Medical / Dental office visit co-pays and deductibles
  • Eye Exams and prescription glasses / lenses
  • Daycare Tuition

For every dollar sheltered away, you don’t pay State or Federal taxes.

You may payroll deduct annually up to $2,850 for the Healthcare FSA

(Daycare FSA subject to IRS rules can allow up to $5,000 )

The plan year runs from October 1st through September 30th each year.

Unused balances remaining at the end of the run out period do not carry forward to new plan years, but are forfeited.

Pre-Tax Savings Example

How it Works
The FSA is administered through TASC FlexSystem. You decide the amount to contribute to your FSA for the plan year and the funds will be deducted in equal pre-tax deductions. There’s no minimum but the more put aside means a bigger savings for you! You can access these funds through the convenient TASC card.

Glossary of Terms
Please see the FSA Glossary for terms and definitions that apply to the flexible spending accounts.

Please see the TASC Flex System FSA Eligible Expenses document and the Dependant Care FSA Qualifications Document for details on which Healthcare and Daycare expenses are eligible and not eligible for reimbursement.

Flexible Spending Account Enrollment Form

NEW UNIVERSAL BENEFIT ACCOUNT INFORMATION BELOW:

 

For the Participant Reference Guide, please CLICK HERE
 
For the Account Access Flyer, please CLICK HERE
 
For the TASC Mobile Experience Flyer, please CLICK HERE
 
For the Participant Experience Flyer, please CLICK HERE