Flexible Spending Account
APS offers Flexible Spending Account. A Flexible Spending Account (FSA) is a tax-free account that allows you to pay for essential health care expenses that are not covered, or are partially covered, by your medical, dental and vision insurance plans; or pay for child/dependent care expenses. By contributing a portion of your payroll dollars into your FSA on a pre-tax basis, you can save from 25% to 40% on the cost of eligible expenses you are already experiencing. You save money to pay for your out-of-pocket healthcare expenses, including day care, baby sitting, in-home care for older dependents and before & after school care expenses.
When you enroll in an FSA, you decide how much to contribute to each account for the entire Plan Year. For the Health Care FSA you can set aside from $48 - $2,500 per year. Effective January 1, 2016, the maximum FSA will increase to $2,550 per per; for the Dependent Care FSA you can set aside from $48 - $5,000 per year. The money is deducted from your paycheck pre-tax (before Federal & State income taxes and FICA taxes are deducted) in equal amounts, over the course of the plan year. A third party administrator manages the program for APS. After you incur expenses that qualify for reimbursement, you submit claims (reimbursement requests) to a ASIFLEX to request tax-free withdrawals from your FSA to reimburse yourself for these expenses. To obtain additional information please contact ASI at: 1-800-659-3035 or visit their website at: www.asiflex.com