Flexible Spending Accounts
A Flexible Spending Account is an employer-sponsored benefit that allows you to pay for certain out-of-pocket medical expenses (such as doctor office co-pays and prescription co-pays) with your pre-tax income. Because this benefit uses pre-tax dollars, a Flexible Spending Account is a great way for you to save money on your healthcare costs, as well as increase your take home pay!
Dependent Care FSA
For eligible child and adult dependent care expenses such as:
- Before and after school programs
- Day care and nursery schools
- Preschool
- Dependent adult day care
- Transportation provided by caregiver
- Sick child care
What is a Dependent Care Account?
Much like the Health FSA, the Dependent Care Flexible Spending Account under IRC Section 125 allows you to avoid both FICA and Federal Income Tax on qualifying child and dependent care expenses. In order to participate in this plan, you, the employee, and your spouse (if you are married) must meet the following criteria:
The care for which you are paying must be for one or more qualifying dependents.
Your dependent care expenses must be incurred so that you can work or look for work.
How Much Can I Contribute?
Pre-tax reimbursements of qualified health care and dependent care expenses are set each year by the IRS (Internal Revenue Service) and can vary by plan.
- 2023 Max Contribution: $5,000
How Do I Login/Register To The Participant Portal?
You will receive separate instructions on accessing the participant portal upon enrollment. If you have any difficulty, please contact our client service department at accounts@hrpro.com or 800-989-8776.