We provide you with an opportunity to participate in up to two different flexible spending accounts (FSAs) administered through Flores. FSAs allow you to set aside a portion of your income, before taxes, to pay for qualified health care and/or dependent care expenses. Because that portion of your income is not taxed, you pay less in federal income, Social Security and Medicare taxes.
Because FSAs can give you a significant tax advantage, they must be administered according to specific IRS rules:
Health Care FSA
Unused funds of up to $500 from one year can carry over to the following year. Carryover funds will not count against or offset the amount that you can contribute annually. Unused funds over $500 will NOT be returned to you or carried over to the following year.
Dependent Care FSA
Unused funds will NOT be returned to you or carried over to the following year.