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FLEXIBLE SPENDING ACCOUNTS
A Flexible Spending Account (FSA) is a program that helps you pay for health care, dependent care, and parking costs using tax free dollars. You must re-enroll every year.
FSA benefits are administered through ConnectYourCare (CYC). Health FSA, Dependent Care FSA,
and Parking FSA
You decide how much money you would like to contribute to these accounts. Your contribution is deducted from your paycheck on a pretax basis and is put into the Health Care FSA, the Dependent Care FSA, or the Parking FSA. When you incur expenses, you can access the funds in your account to pay for eligible health care or dependent care expenses.
If you leave the City of Raleigh during the year, you can only be reimbursed for qualified expenses incurred up to your last day of work and submitted to ConnectYourCare within 30 days from your termination date.
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Important Information About FSAs
• Your FSA elections are effective from January 1 through December 31.
• A Grace Period is an extended period of coverage at the end of every plan year that allows you extra time to incur expenses.
• Your Grace Period runs until March 15 of the following year.
• Claims for reimbursement must be submitted by March 31 of the following year.
• Any money remaining in your account as of March 31 will be forfeited (except for your Parking FSA).
• FSA elections do not automatically continue from year to year; you must actively enroll each year.
ACCOUNT TYPE AND ELIGIBLE EXPENSES
ANNUAL CONTRIBUTION LIMITS
BENEFIT
HEALTH CARE FSA
Most medical, dental and vision care expenses for you and your dependents that are not covered by your health plan (such as copayments, coinsurance, deductibles, eyeglasses and doctor-prescribed over the counter medications)
.
2019 maximum contribution is $2,700 per year.
Saves on eligible expenses not covered by insurance; reduces your taxable income.
DEPENDENT CARE FSA
Dependent care expenses (such as day care, after school programs or elder care programs) so you and your spouse can work or attend school full-time
2019 maximum contribution is $5,000 per year ($2,500 if married and filing separate tax returns)
Reduces your taxable income
PARKING FSA
Commuter Benefits Program provides you with pre-tax savings for specific commuter expenses.
Options for Reimbursement:
• Parking Cash Reimbursement – filing paper or online claim
• ConnectYour Care Debit – pay as you park
• McLaurin Contract – McLaurin submits claim to CYC and CYC distributes reimbursement to you in the form of a check or direct deposit
Your monthly reimbursement may not exceed your monthly election. If your reimbursement amount is less than your monthly election, that amount will roll over to the next month. Claims are processed once a month. At the end of the calendar year, any unused salary reduction amounts will be carried forward to the next calendar year.
Maximum contribution is $265 per month
Reduces your taxable income
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