Flexible spending accounts are established on a calendar year basis. During the annual enrollment period, you have the opportunity to specify a dollar amount (not to exceed $8,000) to be set aside from your pay to cover predictable expenses as follows:
(a) unreimbursed medical expenses for you and your eligible family members ($3,000 maximum).
(b) dependent care expenses for a dependent child under the age of 13 or a qualified dependent adult who is physically or mentally incapable of self-care ($5,000 maximum).
These funds are exempt from federal and state tax. Employees are reimbursed monthly for submitted allowable expenses up to the total annual amount designated to the account. Changes are not permitted during the plan year except for status or life changes (birth, death, lack of or change in medical coverage, etc.). Any unused funds are not refundable at the end of the calendar year.
