Flexible Spending Account
What is Flex Spending?
A Flexible Spending account is for both health expenses and dependent care expenses that are incurred during the plan year (July 1-June 30).
Employees may allocate a portion of monthly earnings, pre-tax, to be used for health expenses and dependent care expenses, which can result in substantial tax savings. This amount is locked in for the plan year.
To participate there is a $3 monthly charge, if you want the Benefits Card there is an additional $1.50 charge.
The maximum you may set aside for health expenses is $2,600 per year.
The maximum you may set aside for dependent care is $5,000 per year.
ASI FLEX Overview
ASI FLEX Expense Planning Worksheet
Eligible Over the Counter ASI FLEX Expenses
Mobile App for ASI FLEX
Flex Store Information
Other Information from ASI Newsletter
FLEX reimburses you for eligible expenses incurred July 1st 2016 -
June 30th 2017 (with a grace period that extends to September 15th 2017) All claims must be submitted for the prior plan year by December 15
This is a use or lose benefit
Paying for medical expenses through the Flex Spending Plan can save you as much as 25%-28% in taxes on each dollar spent for your share of insurance deductibles, co-pays, or items not covered by insurance. Also, the Dependent Care Flexible Spending Account may save you more in taxes than the
day-care tax credit (filed with your federal income tax return).