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Flexible Spending Accounts
Children's offers staff the opportunity to elect to participate in flexible spending account(s) (FSA). A FSA is a benefit established under Section 125 of the Internal Revenue Code designed to provide employees with the opportunity to pay for certain medical and dependent care expenses on a pre-tax basis.
Money deposited in your FSA is not subject to federal income and social security taxes and most state and local income taxes. In other words, the money is deposited on a pre-tax basis before taxes are withheld. As a result, this money is not treated as taxable income. The FSA, therefore, is a valuable benefit that helps you to increase your net income by reducing your federal and state income taxes.
The FSA plan includes a medical spending account for tax-free reimbursement of out-of-pocket medical, dental, vision, prescription expenses, and a dependent care spending account that can be used for tax-free reimbursement of eligible dependent care expenses. Coverage is available the first of the month after the date of hire.
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