Clicky

Flexible Spending Accounts

TASC offers two types of FSAs, a Health Care FSA for eligible health care expenses and a Dependent Care FSA for eligible dependent care expenses. Before you enroll in an FSA, be sure to carefully estimate your health care and dependent care expenses for the year. In exchange for the tax savings you receive, the Internal Revenue Service (IRS) places restrictions on the amount you can contribute.

 

Description

Maximum Contribution

Health Care FSA

Allows you to set aside tax-deferred money to pay for eligible health care expenses
E.g., Deductibles, copays, coinsurance, orthodontics and some over-the-counter drugs**

$2,500*

Dependent Care FSA

You can set aside pre-tax dollars from your paycheck to pay for eligible dependent day care expenses

$5,000*
(Amount Reduced if you earn $135,000 or more)

*Applies to eligible expenses incurred between your start date through December 31, 2013. Claims must be filed by 03/31/2014
** Effective 1/1/2011, over-the-counter medications without a prescription will not be eligible for FSA reimbursement due to IRS regulations