Flexible Spending Accounts
Healthcare FSA
A healthcare FSA lets you set aside pre-tax earnings every pay period, which you can use all year to pay for eligible medical, dental, or vision expenses, as well as prescriptions that aren't covered or are only partly covered by your insurance. Memorial will automatically withhold your contribution from your paycheck so it doesn't count as taxable income. You will receive a Mastercard debit card to use to pay for qualifying purchases.
Just remember, you have to use all money that you set aside in your FSA by March 15 of the following year, or you lose it.
You can use the money in your healthcare FSA to pay for expenses like copays and coinsurance, contact lenses and eyeglasses, acupuncture, breast pumps and lactation supplies, hearing aids, and other medical devices.
Save up to $3,300 annually.
Dependent FSA
A dependent care FSA lets you set aside pre-tax earnings every pay period for child care and other dependent care expenses. Memorial will automatically withhold your contribution from your paycheck so it doesn't count as taxable income. Remember, you must use these funds by December 31 or you will lose them.
You can use the money in your dependent care FSA to pay for expenses like adult daycare, children's day camps and summer camps, and after-school programs.