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PEBB offers both healthcare and dependent care flexible spending accounts (FSAs) for eligible employees.
An FSA is a tax-free account that allows you to use pre-tax dollars to pay for eligible out-of-pocket healthcare or dependent care expenses. You choose an annual amount to contribute to your account, and your payroll deducts your salary contribution before calculating your taxes. Paying for eligible expenses with these pre-tax dollars saves money.
Here are things you should know about these accounts.
- FSAs operate according to IRS regulations.
- When you enroll, you enroll for the entire plan year, so you should plan accordingly.
- You may change your contribution amount midyear only within 60 days of a qualified status change.
- You forfeit any funds that you don’t use and claim for valid expenses by the deadline.
- Your payroll will deduct even portions of your annual election amount from each paycheck over the course of the year.
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If you end your employment with the state during the year:
- That automatically ends your salary contributions to your account and your participation in the PEBB FSA plan.
- Coverage of qualifying expenses will end at the end of the month in which payroll deducts your last contribution.
- Payroll does not deduct a contribution from your final paycheck.
- You cannot use your FSA funds as reimbursement for expenses you incur after you leave employment with the state.
PEBB contracts with ASIFlex to administer the FSA program under PEBB administrative rules and in keeping with IRS regulations. See the FSA discussion in the Summary Plan Descirption.
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For more information visit ASIFlex online
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