Employer FSA

What is FSA

Allows employees to set aside funds from their paycheck for planned expenses throughout the year

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Health FSA

  • Covers medical, dental, vision, and prescription costs
  • Amount expires at the end of the year (use-it-or-lose-it)
  • Can have grace period (3 months extra to spend) or rollover (up to $550)
  • Can use full election before amount is contributed
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Dependent FSA

  • Covers cost for day care of disabled dependents & children under 13 while parents are working
  • Amount expires at end of year (use-it-or-lose-it)
  • No grace period or rollover allowed
  • Can only spend up to amount contributed so far in year
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Parking

  • Covers cost of parking at work
  • Amount can roll over year-over-year
  • Can only spend up to amount contributed so far in year
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Transit

  • Covers cost of mass transit to and from work (vanpool, bus, train)
  • Amount can roll over year-over-year
  • Can only spend up to amount contributed so far in year

How to offer

FSA can be offered alongside a regular cafeteria plan as an additional option for employees.

Contact Erisa Trust Company to get more information on offering an FSA option to your employees

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