MedFlex accounts allow you to set aside a portion of your paycheck to help you pay for medical expenses normally not reimbursed, excluding elective cosmetic services. Contributions are deducted from your paycheck prior to state and federal taxes.
A Healthcare FSA could save you money if you or your dependents:
Have out-of-pocket expenses like co-pays, coinsurance, or deductibles for health, prescription, dental or vision plans
Have a health condition that requires the purchase of prescription medications on an ongoing basis
Wear glasses or contact lenses or are planning LASIK surgery
Need orthodontia care, such as braces, or have dental expenses not covered by your insurance
Dependent Care FSA
A Dependent Care FSA provides pre-tax reimbursement of out-of-pocket expenses related to dependent care. This benefit may make sense if you (and your spouse, if married) are working or in school, and:
Your dependent children under age 13 attend daycare, after-school care or summer day camp
You provide care for a person of any age whom you claim as a dependent on your federal income tax return and who is mentally or physically incapable of caring for himself or herself
IRS regulations allow up to $5,000.00 per calendar year per family. Certain age limits apply.