Inframark provides you the opportunity to contribute tax free dollars from your pay into two types of Flexible Spending Accounts. Since the money you contribute to your FSA is tax free, your taxable income is then reduced.
Health Care Flexible Spending Account (FSA)
Gives you the ability to save money on a pre-tax basis for any IRS-allowed health expenses not covered by your health care insurance. These expenses include deductibles, copayments, coinsurance payments, uninsured dental expenses, vision care expenses (e.g. eyeglasses or contact lenses), hearing care expenses (e.g. a hearing aid) and orthodontia.
■ The maximum annual amount you can contribute into a Health Care FSA is $2,750 (minimum = $130).
■ If you have a FSA balance at the end of 2021, any funds in excess of $550 left in the account will be lost at the end of the claim submission deadline. To find out when the claim submission deadline is, please call the Employee Benefits Service Center at 1-800-307-0230.
Dependent Care FSA (DCFSA)
Gives you the ability to set aside money on a pre-tax basis for day care expenses for your child, disabled parent or spouse that enable you and your spouse (if applicable) to work full-time and/or attend school on a full-time basis. Generally, expenses will qualify for reimbursement if they are the result of care for:
■ Your children, under the age of 13, for whom you are entitled to a personal exemption on your federal income tax return.
■ Your dependents, including parents, who are physically or mentally incapable of
■ The maximum annual amount you can contribute into a Dependent Day Care FSA is $5,000 or $2,500 if both you and your spouse elect the benefit and you file your taxes separately.
■ If there are any funds left in your Dependent Day Care FSA after the Grace Period, they will be forfeited. To find out when the grace period deadline is, please call the Employee Benefits Service Center at 1-800-307-0230.
How much should I contribute to an FSA/ DCFSA?
Estimating your FSA contribution amount is as easy as 1-2-3:
1. Look over the eligible expenses you collected over the past few years.
2. Make note of any repeated expenses.
3. Calculate the total expenses you expect to pay for the upcoming year.
The number you come up with is the amount you should consider contributing to an FSA/ DCFSA for the year. This amount will be divided equally among the number of pay periods in the year (26 if you participate for a full year and receive biweekly pay).