How Does The Flex Spending Account Work?
The Flex Spending Account is easy to understand and to use. You may choose to enroll in either the DCAAccount or the HCSAccount, or both. This is how it works: During the open enrollment period, use the HCSAccount worksheet or the DCAAccount worksheet to estimate what your out-of-pocket health care and dependent care expenses will be for the 2009 calendar year. Based on your estimate, decide how much of your salary you want to set aside in either or both accounts. Submit your enrollment application online or through the toll-free number before the open enrollment period ends. Each pay period, a regular portion of this amount will be deducted tax-free from your biweekly paycheck. These deductions are made before your federal, state, and social security and city income taxes are calculated. The contributions to your Flex Spending Account are deducted tax-free from your gross pay. After you have incurred eligible expenses, mail a reimbursement request form and your bill or receipt to FBMC
