FSAs allow you to set aside an amount of money per pay for "out of pocket" expenses. These deductions are taken on a pre-tax basis, which lowers your taxable income. FSAs can save you money! This will be deducted per paycheck and placed into one of two accounts described below: 

There are two types of FSAs: 

• Flex Spending can be used to put aside money to pay for eligible medical care expenses for diagnosis, cure, treatment, or prevention of disease. Some examples are co-pays, vision care, Lasik, weight loss programs.
• Dependent Day Care (DDC) is used to put aside money to pay for your daycare costs per year.

 You can only enroll into the FSAs during the month of April during our annual Open Enrollment period for expenses incurred from July 1 to June 30. Flexible Spending Enrollment Form (you must reenroll every year).

• Election Irrevocability – You may not make changes before the beginning of the next plan year unless you incur a qualified change in status (as permitted by your plan) that affects eligibility.
• Use-It-or-Lose-It-Rule – Money remaining in your FSA will not be returned to you at the end of the plan year. Any amount remaining after the end of the runoff or grace period will be forfeited.  Because of the use-it-or-lose-it-rule, it is important for you to carefully estimate your out-of-pocket URM and DDC expenses for the upcoming year.