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POAH Communities
Flexible Spending Accounts (FSA)
If you are looking for a way to save money on health care and/or dependent
day care, FSAs save you money by reducing the taxes you pay. Your FSA
contributions are deducted from each paycheck before federal, FICA and, in
most cases, state taxes are calculated. So, in effect, you do not pay taxes on
your eligible FSA expenses.
Here’s how an FSA works:
You decide how much to contribute to your FSA during the year –
there are separate health care and dependent day care accounts.
The maximum health care election is $1,500 and dependent day care
is $5,000.
When you have eligible health care or dependent day care expenses,
you submit a reimbursement form and documentation for your
expenses to CBIZFlex, or pay directly with your CBIZFlex debit card.
You receive your tax-free dollars from your FSA as reimbursement.
You must use up your elected amount before the end of the plan year
or the leftover money will be forfeited.
The Flex Plan year will run from May 1, 2017 through April 30, 2018.
Please visit the Flex Website at
myplans.cbiz.comto view your
account information and activity, file claims and distribution requests,
manage your profile, view notifications, access forms and other
helpful information.