FSA
Flexible Spending Accounts help you save money by providing a way to pay for certain types of health care and dependent care on a pre -tax basis. There are two types of Flexible Spending Accounts:
Reminder: You may rollover up to $660 into the next plan year, but any amount over $660 in your account at the end of the plan year is forfeited.
Health Care Flexible Spending Accounts (FSA)
Allows employees to set aside pre -tax dollars taken through a payroll deduction to pay for expenses not covered by any insurance plan in which you may be enrolled. These pre -tax dollars are set aside in a personal flexible spending account until needed. You may contribute up to $3,300 during the benefit plan year – October 1 through September 30.
Medical Flexible Spending Account (FSA)
We are pleased to announce that, in addition to a second medical plan option, a Healthcare Flexible Spending Account (FSA) will be available for the upcoming plan year. This benefit enables employees to set aside pre-tax funds for eligible medical, dental, and vision expenses.
During open enrollment, employees may elect an annual FSA contribution amount up to $3,300. The selected amount will be distributed evenly across pay periods throughout the year. For example, if you choose to contribute the maximum of $3,300 and receive weekly pay, $63.46 will be deducted each week for your FSA.
Which expenses are covered by your FSA?
- Copays, deductibles, and both doctor or specialist visits
- Prescription drugs and approved over-the-counter medicines
- Dental and vision care (exams, glasses, contacts)
- Medical equipment and supplies (e.g. crutches, bandages)
- Certain mental health services
For a full list of eligible items, click HERE or check the IRS website.
How do you use your FSA?
The Healthcare FSA will be administered by Flores. You will get a debit card so you can easily use your FSA funds—just swipe it for eligible expenses, and the amount comes right out of your balance. If you’d rather pay up front, you can always submit for reimbursement later. Be sure to hang on to your receipts in case you need them for documentation or if the IRS wants to take a look.
One thing to remember: FSAs have a “use-it-or-lose-it” rule. You need to spend your FSA money by November 30, 2026. The good news is that Atlantic lets you carry over up to $660 into the next plan year, but anything more than that won’t roll over.
An FSA can be a great way to save if you’re expecting medical, dental, or vision costs. Since your contributions are pre-tax, you could save anywhere from 20% to 40% on every dollar you put in.
Dependent Care Flexible Spending Account (FSA)
Allows employees to set aside pre -tax dollars taken through a payroll deduction to pay for work -related childcare expenses or adult dependent care. DCFSAs may be used to pay for the care of dependent children under age 13 or any disabled dependent who lives with you and who you claim on your taxes. Your total savings will depend upon your family income, tax status, and total expenses. If you have Dependent Care expenses, you may choose to claim a tax credit when you file your Federal taxes rather than contribute to a Dependent Care FSA. The annual maximum amount you may contribute is $5,000 (or $2,500 if married and filing separately) per calendar year. All DCFSA participants are required to complete IRS form 2441 when preparing their tax return
We will also be offering a Dependent Care Flexible Spending Account. This benefit allows employees to set aside pre-tax dollars for qualifying dependent care needs.
During Open Enrollment, employees can allocate up to $5,000 per household in pre-tax dollars for eligible childcare expenses—such as daycare, summer camps, after school or extended day programs, au pairs, babysitters (in specific cases), and certain custodial or elder care.
The $5,000 annual limit applies per household, so combined contributions with a spouse cannot exceed this amount; exceeding it may result in tax penalties.
The Dependent Care FSA will be administered by Flores. For a full list of qualified expenses, click HERE (https://www.flores247.com/docs/re_fd_dc_body.pdf) or contact Eryn Johnson at erynt@atlanticpkg.com.
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