You may have recently heard the term FSA or Flexible Spending Account. An FSA is an account in which you may set aside money monthly from your paycheck to pay out-of-pocket healthcare or dependent care expenses. This is money you will not pay taxes on, so you will save the taxes on this money. You may
set aside up to $2600 for Healthcare and $5000 for Dependent Care.
An important note about the FSA account is that the money must be spent within the months specified in the contract. If you do not spend the money you set aside, you will forfeit that money. We recommend that you underestimate your expenses in your first year of participation.
The account administration company “Take Care” will send you a card preloaded with your annual amount from which each expense will be deducted the FSA expenses, but you are required to also provide proof of appropriate service to Take Care. Make sure that you keep all your receipts and proof of service from your health insurance, optical and dental insurance providers. You may scan and
email the proof, fax or mail it to Take Care.
You have until the last day of November to apply for an FSA account for the following year. It is a simple one page application.
Contact PCC Human Resources and speak with Conna Bain at 626-585-7719.