Calhoun City Schools offers employees two separate Flexible Spending Accounts (FSA’s) – a Health Care Account and a Dependent Child Care Account.
Flexible Spending accounts provide a way for you to pay for certain unreimbursed health care and dependent child care expenses with tax-free dollars. You contribute before-tax dollars directly from your pay to either or both Flexible Spending Account. Why? Because you save money since the contributions are made before taxes — This is comparable to every dollar $1.00 you elect only affecting your take home pay by about $0.70.
For the 2023 plan year, the maximum contribution for the medical FSA plan will be $2,850.
HERE’S HOW IT WORKS:
You enroll in one or both of the FSA plans during annual Open Enrollment.
Deductions are made on a “pre-tax” basis from each paycheck in the amounts you elect to set aside.
You incur an eligible expense.
You pay the qualified provider with your CAS Benefits Card. It works just like a regular bank debit card, only the “bank account” consists of funds you have set aside in your Health Care or Child Care FSA accounts.
You can access your accounts on-line to view your account transactions.
Health Care Accounts and Child Care Accounts are completely separate. You cannot use money set aside in your Health Care account for Child Care expenses and vice versa.
Eligible medical expenses also include some dental, vision, hearing, and therapy expenses. Click the link above for a list of items and services that are eligible under IRS regulations.