How does a Medical FSA work?
A Medical FSA is a flexible spending account that allows you to set aside pre-tax dollars for eligible medical, dental, and vision expenses for you and your dependents.
You may elect up to $3050 and at the beginning of the September 1, 2023 plan year. Your account is pre-funded and your full contribution is immediately available for use. Your election amount is then deducted from your paychecks in equal installments throughout the plan year. You and your dependents do not have to be enrolled in AFPI benefits to elect a medical FSA. Any balance that is not used at the end of the plan year or the end of employment will be forfeited.
How does a dependent care FSA work?
A dependent care FSA is a flexible spending account that allows you to set aside pre-tax dollars for dependent care expenses, such as daycare, that allow you to work or look for work. You choose an annual election amount, up to $5,000 per family or $2,500 if married but filing separately. The money is placed in your account via payroll deduction, in equal installments, and then used to pay for eligible dependent care expenses incurred during the plan year.
The FSA plans are administered through WEX.
FSA Introduction Video: https://www.screencast.com/t/cTyFX4MRt