Under the Flexible Spending Account provisions there is also the Medical Expense option to set aside a maximum of $2,550 pre-tax to pay out-of- pocket expenses for medical, dental and vision. A MySource debit card loaded with your annual election amount eases access to your funds – one swipe when purchasing scripts or visiting your doctor or dentist is all it takes. You have access to your full election beginning the first payday of the new year AND may carry over up to $500 of unspent election to be used the following year.
If you have dependent children and/or elderly relatives receiving day care while you are working, you may set aside $5,000 pre-tax to pay for their care.
Your election(s) will be deducted pretax from your compensation in equal amounts each pay period throughout the year.
“You will never owe federal, state or social security taxes for the premiums and elections .”