Employees can set aside pre-tax dollars for out-of-pocket medical/dental-related and/or dependent care expenses. The employee estimates the amount of expenses for the 1 year plan period and has a fixed amount deducted from their paycheck each period. The IRS limit on medical/dental expenses is $2,750/year; the limit on dependent care expenses is $5,250. Employees may roll-over up to $550 of the benefit into the following year’s FSA enrollment.
Cafeteria Plan Advisors administers these accounts.. Contact HR for more info, or CPA at (781) 848-9848, email email@example.com.
Note: The Town and CPA have extended the deadline for employees to spend their FY21 accounts to August 31, 2021. All claims must be submitted by September 30, 2021.