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Flexible Spending Accounts (FSA)
We provide you with an opportunity to participate in up to two different flexible spending accounts (FSAs) administered through Flores. FSAs allow you to set aside a portion of your income, before taxes, to pay for qualified health care and/or dependent care expenses. Because that portion of your income is not taxed, you pay less in federal income, Social Security and Medicare taxes.
Flores & Associates FSA
For 2021, you may contribute up to $2,750 to cover eligible health care expenses incurred by you, your spouse and your children up to age 26. Some eligible expenses include:
- Coinsurance
- Copayments
- Deductibles
- Prescriptions
- Dental treatment
- Orthodontia
- Eye exams/eyeglasses
- Lasik eye surgery
For 2020, you may contribute up to $5,000 (per family) to cover eligible dependent care expenses ($2,500 if you and your spouse file separate tax returns). Some eligible expenses include:
- Care of a dependent child under the age of 13 by babysitters, nursery schools, pre-school or daycare centers
- Care of a household member who is physically or mentally incapable of caring for him/herself and qualifies as your federal tax dependent
You Must Enroll Each Year to Participate
Because FSAs can give you a significant tax advantage, they must be administered according to specific IRS rules:
Health Care FSA
Unused funds of up to $500 from one year can carry over to the following year. Carryover funds will not count against or offset the amount that you can contribute annually. Unused funds over $500 will NOT be returned to you or carried over to the following year.
Dependent Care FSA
Unused funds will NOT be returned to you or carried over to the following year.