Benefits Highlight
This section highlights a benefit that is frequently marked as “did not know about this” on our exit survey.
Flexible Spending Accounts
A Flexible Spending Account (FSA) is a way to set aside pre-tax funds from your paycheck to be used to reimburse yourself for qualified health care and/or qualified daycare expenses you incur during the fiscal year. Examples of qualified expenses are eyeglasses, deductibles, co-pays, daycare, etc.
CC’s FSA plans run from July 1-June 30.
If you know you will have expenses, why not save for them as you go? While the funds go into the FSA in equal amounts from each paycheck, the entire amount you elect to put into this plan is available to you on the first day of your eligibility. Eligible expenses may be incurred to September 15 (grace period). The maximum annual amount allowed in the Health Care FSA is $2,850.
Dependent care costs include daycare expenses that allow you and your spouse to work, seek work, or attend school (full-time). Dependent care applies to children under age 13 or other dependents requiring care such as elderly parents. Claims are paid as contributions are made and there is no grace period. The maximum annual amount allowed in the Dependent Care FSA is $5,000 if married and filing jointly or single head of household; or $2,500 if married and filing separately.