Flexible Spending Accounts
The Flexible Spending Accounts provide you with a way to pay for eligible uninsured medical, dental and dependent care expenses with tax-free money. Two Flexible Spending Account options are available:
By directing "pre-tax" money from your paycheck into one or both of these accounts, you can put up to 41% of the money you are spending on eligible expenses back into your pocket.
You should estimate your expenses carefully since any money you deposit into your account that you do not spend must be forfeited at the end of the year. Please note that the State of Delaware has adopted the 2 1/2 month grace period for incurring Flexible Spending Account (FSA) claims now allowed by the IRS effective with the 2007 plan year. This means that you now have until March 14 of the next calendar year to incur claims against your previous year FSA. The State of Delaware adopted this amendment to help participants recover funds contributed to their account.
NOTE: According to IRS regulations, Flexible Spending Accounts can be used for yourself and your tax-qualified dependents only. If you have questions about the Flexible Spending Accounts, please call ASI at 1-800-659-3035. ASI administers the Flexible Spending Accounts.
|Disclaimer: Colonial Benefits Online provides only an overview of your benefits from Colonial School District and The State of Delaware. Colonial School District and The State of Delaware reserve the right to amend or to terminate any benefit plan at any time, with or without notice. Review more important legal information about your benefits plans. |
Copyright ©2014 Evolution Benefits Consulting.