How does the flexible spending program work?
You are eligible to participate in a Flexible Spending Account (FSA) if you are a benefits-eligible IIT employee working at least 23.25 hours per week. Eligible employees may begin participation on the first day of the month after hire or during annual enrollment for an effective date of January 1. The plan allows you to pay, on a pre-tax basis, for certain medical, vision, hearing or dental expenses that are not covered by insurance, including deductibles and co-payments. You may also set up a dependent care account to pay certain child-care and elder-care expenses. The maximum contribution that you can make to the medical/ dental expense portion of the FSA is $5,000 per plan year. For child/ elder care, it is $5,000 per plan year. Health care and dental premiums done by payroll deduction are automatically withheld pre-tax.
