Flexible Spending Accounts
Flexible Spending is a benefit that lets employees set aside a certain amount of each paycheck into an account before paying income taxes. Then, during the year, employees can use these funds to pay for qualified expenses with untaxed dollars. Employees have two account options:
|Health Care Account||
$2,500 is maximum that can be contributed
Balance is available immediately
|Dependent Care Account||
$5,000 is maximum that can be contributed
Only amount deducted to date is available
Expenses that qualify include healthcare costs such as co-pays and doctor's fees; over-the-counter drugs and prescriptions; dental and eyecare expenses; and daycare expenses for dependents. For more information go to: www.tasconline.com.
Generally, contributions not used during the plan year will be forfeited. The NC State plan allows for a carryover of a maximum of $500 to the next year with no risk of forfeiture at plan year end (12/31).
Account information is available at www.tasconline.com
Customer Service: 800-422-4661