Flexible Spending Account
A Health Care Flexible Spending Account (HCFSA) - administered through Benefits Strategies, LLC. This Health Care Flexible Spending Account (HCFSA) allows you to set aside pre-tax money to pay for eligible health care expenses for you and your qualified dependents.
Examples of eligible expenses may include health plan deductibles, copayments, and coinsurance; eye exams, contact lenses, and glasses; prescription drugs; dental care, including orthodontia; and over-the-counter (OTC) products with a physician’s prescription. You do not have to enroll in a County medical plan to participate in an FSA through Prince George’s County Government.
You can contribute up to $2,850 annually to a Health Care FSA, and your entire annual election is eligible to be reimbursed prior to you having the full amount deducted from your pay. Deductions for the HCFSA reduce the gross income on your Form W-2 for federal and social security tax purposes. All receipts for expenses must be submitted by April 30th of each calendar year.
This is a partial list of eligible expenses. For a more complete list of eligible healthcare expenses, go to: www.irs.gov/publications/p502.
The County offers benefits-eligible employees two pre-tax flexible spending accounts (FSAs) — a Dependent Care Assistance Account — administered through Benefits Strategies, LLC.
Examples of eligible expenses are Licensed day care, in-home care, elder care, day camp and nursery school (if expenses are for a dependent child, the child must be under age 13).
You can contribute up to $5,000 per year, if single or married and filing joint income tax returns. The tax-free accounts are administered by Benefit Strategies. To participate in an FSA, you must enroll each year and designate how much you want to contribute. You do not have to enroll in a County medical plan to enroll in a tax-free account.
For dependent care expenses, go to: www.irs.gov/publications/p503.