Flexible Spending Accounts
Understanding Your Benefits
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Flexible Spending Accounts
MLH offers you two pre-tax accounts that allow you to set aside money to pay for certain healthcare and dependent care expenses. They are:
- Health Care Flexible Spending Account - You can contribute from $78 to $5,000 annually or you can choose to waive coverage.
- Dependent Care Flexible Spending Account - You can contribute from $78 - $5,000 annually ($2,500 if you are married and file separate tax returns) or you can choose to waive coverage.
| Important deadlines for 2010: You have until March 31, 2011, to submit claims for expenses against your 2010 FSA dollars. |
About Your FSAs
Your participation in these accounts is completely optional. You may contribute to one account, both, or neither. When you contribute, you lower your pay for tax purposes. Your contributions are made before Federal Income and Social Security taxes are withheld. So, you pay taxes on a lower amount and save. You submit eligible expenses and they are reimbursed from your account tax-free.
See the PerfectFit 2010 e-workbook for further information related to each plan.
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