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Depending on which plan you're enrolled in, you can choose to open one or more Flexible Spending Accounts (FSAs) that will allow you to set aside money on a tax-free basis to pay for certain expenses. Plus, contributing to these accounts can help save you money by reducing your taxable income. It's a win-win.
Type of Flexible Spending Account (FSA)
Can I have this Account with the Exelis Health Savings Plan or the Exelis Health Plan?
How much can I contribute in 2013/2014?
Dependent Day Care (FSA)IMPORTANT: This account cannot be used for dependent health care expenses
Exelis Health Savings Plan: YESExelis Health Plan: YES
Generally, you may contribute up to $5,000 for the year - tax free. Use this account to reimburse yourself for eligible child and elder care expenses.
Health Care FSA
Exelis Health Savings Plan: NOExelis Health Plan: YES
Contribute up to $2,500 for the year - tax free. Use this account to reimburse yourself for eligible medical, dental and vision expenses not covered by other plans for you and your eligible dependents
Use it or lose it!
When you enroll, be sure to designate the amounts you want for each spending account. The Health Care FSA and the Dependent Care FSA are two separate benefits. Once you have made your elections, you cannot transfer money from one account to another.
And, unlike the Accounts where your incentive dollars will be deposited, with the FSAs you must use up the money before the end of the year. Unused balances cannot roll over into the next year. As a result, these accounts require some careful planning, but it's worth it.
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