Flexible Spending Accounts
How do I benefit by participating?
Your biggest advantage is the tax savings. The money you set aside is taken
out of your paycheck pre-tax and therefore reduces your taxable income.
You can be reimbursed from your account for qualified expenses you are
already paying for!
What if I don't use all the money I set aside in my accounts?
Carefully review your estimated expenses before making the decision to
participate and deciding upon the amount you want to set aside. ANY CONTRIBUTIONS
NOT USED DURING THE PLAN YEAR ARE FOREFIETED AND MAY NOT BE REFUNDED TO YOU.
Flexible Benefits Provider
FlexShare Benefits (a division of Blue Cross Blue Shield) is the company
that processes our flexible spending reimbursement. Visit their website at
www.wyomingblue.com, click on "For Members" and go to the FlexShare Benefits section
to learn more about your Flexible Spending Account.
Medical Flexible Spending Account
This account reimburses you for healthcare expenses not covered by insurance.
You set aside money, tax-free, through regular payroll deductions. During
the year, you can be reimbursed directly from your account for those qualified
healthcare services provided they are not covered by your insurance (The
annual maximum contribution is $2,500).
Dependent Care Flexible Spending Account
This account reimburses you for daycare expenses for eligible children
and adults. Through regular payroll deductions, you set aside part of
your income to pay for these expenses on a tax-free basis. Eligible dependents include:
- Children under the age of 13
- A disabled child, disabled spouse, or a dependent disabled parent.
To be eligible, you must be working while your dependents receive care
and include charges by:
- A licensed nursery school or daycare center.
- Individuals (other than your dependents) who provide care for your eligible
dependents in or outside your home.
- Before/after school care.
(The annual maximum contribution is $5,000).