SPENDING ACCOUNTS
Skill Survey provides the opportunity to participate in several spending accounts. Since the funds are pre-tax, every dollar you contribute earns you more in tax savings!
The Medical Flexible Spending Account (FSA) and Dependent Care Spending Account (DCA) are administered by CLARITY.
IMPORTANT TO NOTE: If you are interested in enrolling in a Spending Account starting June 1, 2021, you must ACTIVELY enroll at OPEN ENROLLMENT.
Previous election / enrollment amounts do not continue past May 31, 2021.
YOUR SPENDING ACCOUNT OPTIONS
MEDICAL FLEXIBLE SPENDING ACCOUNT (FSA)
This account may be used to pay for eligible health care expenses incurred by you or your family members that are not reimbursed by any other source. Eligible health care expenses include, but are not limited to, plan deductibles, copays, coinsurance, certain vision, hearing and orthodontia care expenses. The full FSA election amount (up to $2,750) is available as of the FSA effective date. You are also able to purchase eligible items online; please visit the FSA Store here.
NEW! This year, your FSA Rollover amount will NOT be limited to $550. Any remaining funds as of 5/31/2021, will rollover into the 6/1/2021 plan year.
For the most recent update of eligible expenses, please click below.
DEPENDENT CARE ACCOUNT (DCA)
If you have a child (under the age of 13) or disabled loved one, you might rely on services like day care or home aide to be able to go to work. Lessen the financial burden by enrolling in this account. Eligible expenses include day care, babysitting, before and after school programs.
NEW! For the 2021 calendar year you may elect up to $10,500, you must carefully choose your election as you may not be reimbursed for more than $2,500 single / $5,000 family in the 2022 calendar year.
How does a Spending Account save you money?
Here’s an example of how a participant can increase their take-home pay by participating in a FSA:
Annual Income
Unreimbursed Expenses
Annual FSA Contribution
Taxable Salary
Tax Deduction (est. 35%)
Net Take-Home Pay
ANNUAL SAVINGS
WITHOUT FSA
$40,000
$2,000
$-
$40,000
$14,000
$24,000
$0
WITH FSA
$40,000
$-
$2,000
$38,000
($13,300)
$24,700
$700
