Flexible Benefit Plans allow you to set aside a portion of your income, pre-taxed, to pay for certain expenses not covered by your benefit plan. Most important, since the Flexible Benefit Account is funded with pre-tax dollars, you actually lower your taxable income, creating a larger net income.
Since the plan operates on the concept of if you don't use it, you lose it; accurate estimates of medical expenses are required.
Entire election available when benefits begin
Use for medical, dental and vision deductibles, copayments and coinsurance as allowed under IRS rules
Use for any other health related expense within IRS provisions (i.e. over-the-counter medications may be covered, but only if prescribed). Refer to IRS publication 502
Contribute up to
IRS "Use It or Lose It" rules Apply
Dependent Care Spending Account
Reimbursement available based on account balance
Use for dependent care expenses that allow you (and your spouse) to work. Dependent children up to age 13, or any age if incapable of self-care