Flexible Spending Accounts

Flexible Spending Accounts are comprised of two major components:

• Healthcare Flexible Spending Account (aka Medical Reimbursement Accounts)
  Under Internal Revenue Code regulations an employer can offer employees the ability to pay out-of-pocket medical expenses with pre-tax dollars. The employer saves the FICA taxes for every dollar selected by an employee for this purpose. The employee saves Federal and State Income taxes as well as FICA taxes for every dollar the employee elects for this program.
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• Dependent Care Accounts
  The Federal Government definition of a dependent is as follows: An eligible dependent is any dependent who is less than 19 years old (or 24 if a full time student), resides in the same home as you for more than half the year and your dependent under federal income tax rules. An eligible dependent may also include your mentally or physically impaired qualifying relative who is incapable of caring for himself or herself (for example, an invalid parent).
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