Dependent Care Flexible Spending Account
Fortive offers a Dependent Care Flexible Spending Account to employees. A Dependent Care Flexible Spending Account, or “FSA” is a pre-tax benefit account used to pay for dependent care services while you are at work. The money you contribute to a Dependent Care FSA is not subject to payroll taxes, so you end up paying less in taxes and taking home more of your paycheck. Under this account a “dependent” is a child under 13 years of age and adult dependents who can’t take care of themselves. Remember, any money contributed will need to be used within the plan year.
Health Care Flexible Spending Account
A Health Care Flexible spending account is offered to employees to help cover out of pocket expenses such as physician co-pays, prescriptions, dental procedures, or vision care. If you enroll in one of the HSA eligible medical plans with Fortive you can still enroll in the Health Care Flexible Spending account, however you will only be eligible to use the money that is contributed in for dental and vision expenses. Remember, any money contributed will need to be used within the plan year. The money you contribute to a Health Care FSA is not subject to payroll taxes, so you end up paying less in taxes and taking home more of your paycheck.
Note: You will have a 2.5-month grace period to spend any remaining FSA funds, ending March 15 of the following year. Following that, you will have 90 days to submit receipts for expenses incurred.
*Funds contributed to the Health Savings Account (HSA) do rollover year over year.