Flexible Spending Accounts (FSAs) allow you to set aside pre-tax money from your paychecks to pay for qualifying medical expenses (MERP), child/elder care costs (DCAP), or transit/parking expenses (TRP). This lowers your taxable income.
Medical Expense Reimbursement Program (MERP) acts as a medical savings account - giving you your full annual goal amount at the beginning of the year for you to use with a Mastercard or applying for reimbursement to your bank account.
Dependent Care Assistance Plan (DCAP) is used to pay for expenses like preschool, daycare, before/after school programs, and elder day care.
Transportation Reimbursement Plans (TRP) are used to pay for qualifying parking and transit expenses.
How to Enroll
You must enroll every year to participate in a Flexible Spending Account. You have from Wednesday, October 25th to Wednesday, November 15th to enroll for 2024.
Go to your Workday Open Enrollment page to select which plan you want and what you want your annual (or per-paycheck) goal to be.
FSA Details for 2024
- Medical Expense FSA (MERP) maximum: $3,050 annually for medical, dental, and vision expenses. Minimum is $240 annually.
- MERP rollover limit from 2024 to 2025: $640.
- Dependent Care Expenses (DCAP) maximum: $5,000 per year. No annual minimum.
- Transportation Expenses (TRP)
- Carryover always allowed from year-to-year, no carryover limit
- Maximum TRP Transit enrollment amount: $200 per month
- Maximum TRP Parking enrollment amount: $300 per month
- Minimum enrollment amount for transit and parking TRP accounts: $20 per month
