Flexible+Spending+Accounts

Understanding Your Flexible Spending Account
VJC offers two types of flexible spending accounts. Both allow you to set aside funds on a pre-tax basis to pay for eligible expenses, offering a tax break. Keep in mind that any unused funds at the end of the plan year will be forfeited under the IRS "Use It or Lose It" provision.

//Health Care FSA//
 * Used for deductibles, co-pays, coinsurance and certain other qualified expenses as allowed under IRS provisions
 * Contribute up to $3,000 per year to the FSA

//Dependent Care FSA//
 * Used for dependent care expenses such as day care, pre-school and after-school care
 * Contribute up to $5,000 per year to the dependent care FSA