Flexible Spending Accounts
How do I benefit by participating?
Your biggest advantage is the tax savings. The money you set aside is taken out of your paycheck pre-tax and therefore reduces your taxable income. You can be reimbursed from your account for qualified expenses you are already paying for!
What if I don't use all the money I set aside in my accounts?
Carefully review your estimated expenses before making the decision to participate and deciding upon the amount you want to set aside. ANY CONTRIBUTIONS NOT USED DURING THE PLAN YEAR ARE FOREFIETED AND MAY NOT BE REFUNDED TO YOU.
Flexible Benefits Provider
FlexShare Benefits (a division of Blue Cross Blue Shield) is the company that processes our flexible spending reimbursement. Visit their website at www.wyomingblue.com, click on "For Members" and go to the FlexShare Benefits section to learn more about your Flexible Spending Account.
Medical Flexible Spending Account
This account reimburses you for healthcare expenses not covered by insurance. You set aside money, tax-free, through regular payroll deductions. During the year, you can be reimbursed directly from your account for those qualified healthcare services provided they are not covered by your insurance (The annual maximum contribution is $5,000).
Dependent Care Flexible Spending Account
This account reimburses you for daycare expenses for eligible children and adults. Through regular payroll deductions, you set aside part of your income to pay for these expenses on a tax-free basis. Eligible dependents include:
- Children under the age of 13
- A disabled child, disabled spouse, or a dependent disabled parent.
To be eligible, you must be working while your dependents receive care and include charges by:
(The annual maximum contribution is $5,000).
- A licensed nursery school or daycare center.
- Individuals (other than your dependents) who provide care for your eligible dependents in or outside your home.
- Before/after school care.