Flexible Spending Account (FSA)
MCSD offers Flexible Spending Accounts (FSA) administered through WEX. The FSA plan year is from July 1 through June 30.
If an employee or family member(s) has predictable health care or work-related day care expenses, the employee may benefit from participating in an FSA. An FSA allows the employee to set aside pre-tax money from their paycheck for reimbursement of health care and day care expenses that they regularly pay. The amount set aside is automatically deducted from the employee’s paycheck and deposited into the FSA. During the year, the employee has access to this account for reimbursement of some expenses that are not covered by insurance. Participation in an FSA allows for substantial tax savings and an increase in spending power. Participating employees must re-elect the dollar amount they wish to have deducted each plan year. Please note: All contributions are deducted on a per paycheck basis.
MCSD offers three types of Flexible Spending Accounts including:
Health Care FSA: Available to benefit eligible employees who are not enrolled in the HDHP medical plan with a Health Savings Account. The Health Care FSA covers qualified medical, dental, and vision expenses that are not paid by insurance.
Limited Purpose FSA: Available to benefit eligible employees who are enrolled in the HDHP medical plan with a Health Savings Account. A Limited Purpose Health Care FSA may be used for qualified dental and vision expenses only.
Dependent Care FSA: Available to benefit eligible employees for qualify dependent day care expenses necessary for employee and legal spouse, if married, to work.
Health Care FSA Grace Period
The Health Care FSA plan year allows for a grace period until September 15, 2022, allowing for additional time to incur claims and use any available funds on eligible expenses after the plan year ends. Once the grace period ends, any unused funds in the account will be forfeited. Filing for the claims must be completed by October 31, 2022 to be eligible for reimbursement.
Dependent Care FSA Grace Period
The Dependent Care FSA allows employees until October 31, 2022 to file claims for eligible expenses incurred through the end of the plan year, June 30, 2022. Any unused funds in the account will be forfeited.
Flexible Spending Account Overview
Downloading the WEX App