Procedure03.02.130.d Flexible Spending Accounts
Ameriflex is the third party administrator for the College’s which offers voluntary benefits to full-time employees on a pre-tax basis through payroll deduction. Electing benefits under this Program allows for employees to reduce their taxable income. Upon initial full-time employment and within 30 days, employees are eligible to participate in flexible spending accounts. If an employee waits, he/she will be given the opportunity during open enrollment, which is held in December. The benefit year is January-December.
Health Care Flexible Spending Account (HCFSA)
An employee may enroll in the HCFSA for health care expenses by contributing a dollar amount through payroll deduction. The contribution is taken out of the pay before taxes and may be used for various out-of-pocket health expenses (i.e., co-payments and prescription medicine to braces and contact lenses, etc.)
Dependent Care Flexible Spending Account (DCFSA)
An employee may enroll in the DCFSA for dependent care expenses by contributing a dollar amount through payroll deduction. The contribution is taken out of the pay before taxes ad may be used for care of a dependent child under age 13, an incapacitated spouse and/or a dependent adult.