A Flexible Spending Account (FSA) allows you to set aside money tax-free to pay for eligible expenses.
UK offers two kinds of FSAs:
- Dependent care, which allows you to use tax-free dollars to pay for child care expenses. You may contribute $500 to $5,000 each year to this FSA. Each household has a maximum $5,000 contribution.
- Health care, which allows you to pay for eligible medical expenses. You may contribute $250 to $2,700 each year to this FSA. ASI Flex manages these FSA benefits. The rules for contribution limits are specific to your situation. Visit www.asiflex.com for specific details on these accounts.
Keep your receipts! Some purchases will require follow-up verification. Failure to provide this information could cause your FSA debit card to be de-activated.
Always check with ASI Flex for eligibility, but in general, the following items are eligible for the dependent care FSA:
- Care for a child under age 13 at a daycare, camp, nursery school or a private sitter
- Elder care for an incapacitated adult who lives with you at least 8 hours a day
- Expenses for pre-school and after-school child care
In general, the following items are eligible for the health care FSA:
- Automobile modifications for a physically handicapped person
- Birth control pills
- Blood pressure monitoring device
- Chiropractic care
- Contact lenses & related materials
- Fertility treatment
- Guide dog or other animal aid
- Hearing aids
- Laser eye surgery
- Over-the-counter (OTC) health items
You may make all your benefits selections online, under the Benefits and Payment tab on Employee Self Service on myUK.