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Flexible Spending Accounts

Flexible Spending Accounts (FSA) are benefit programs that allow you to use your pre-tax dollars to pay for eligible healthcare and dependent care expenses.

TASC (FlexSystem) will be administering the FSA in 2022.

For more information regarding FSAs, please review IRS Publications 502 & 503 or contact Employee Benefits.

HEALTH CARE FLEXIBLE SPENDING ACCOUNT

A Health Care FSA is a pre-tax benefit account used to pay for eligible out-of-pocket healthcare expenses.

  • Eligible contributions will be deducted from your paycheck on a pre-tax basis and placed into a separate account.
  • Eligible expenses include copayments, deductibles, dental, and vision expenses not covered by existing insurance.
  • You elect the amount you would like in your FSA during Open Enrollment. Those funds are then available on January 1, 2022, and can be accessed using a debit card that will be provided to you by TASC.

2022 MAXIMUM HEALTH CARE FSA CONTRIBUTION: $2,850

DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT

A Dependent Care FSA is a pre-tax benefit account used to pay for eligible dependent care services so you (or your spouse) can work, look for work or attend school full time.

  • Eligible contributions will be deducted from your paycheck on a pre-tax basis and placed into a separate account.
  • Eligible expenses include preschool, summer day camp, before or after school programs, and child or adult care.
  • You elect the amount you would like in your Dependent FSA during Open Enrollment.

With each paycheck, money will be deposited into your Dependent Care FSA account. Dependent Care FSAs are not preloaded like a Health FSA. The amount available is what has been accrued at the time of your claim request.

2022 MAXIMUM DEPENDENT CARE FSA CONTRIBUTION: $5,000

Rules you need to know

Expenses: MUST be incurred between January 1, 2022 and December 31, 2022, plus the grace period.

Grace Period: If you have funds left over as of December 31, 2022, you will have up through March 15, 2023 to incur additional expenses.

Reimbursements: All expenses must be submitted to TASC for reimbursement no later than March 31, 2023.

USE IT OR LOSE IT: Plan very carefully! If you do not incur the anticipated expenses, your contributions are forfeited at the end of the year.