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 eldercare.
Transportation Reimbursement Plans (TRP) are used to pay for parking and transit expenses.
How to Enroll
You must enroll every year to participate in a Flexible Spending Account. You have from Wednesday October 28th to Wednesday November 18th to enroll for 2021.
Go to your Workday Open Enrollment page to select which plan you want and what you want your annual goal to be.
Changes for 2021
- New MERP Maximum of $2,750 for medical, dental, and vision expenses.
- New MERP rollover amount of $550 (began in 2020).
- TRP Transit maximum increasing to $170 per month.
- TRP Parking maximum increasing to $270 per month.
- New PSA app for checking your balances, submitted receipts, and more.
- The “myPacificSource Admin (PSA)” app is available for download from your device’s app store.
- You can enroll in MERP this year for an amount between $240 and $2,750.
- Up to $550 of unused funds will rollover to the next plan year.
- Any other funds are forfeited.
- Rollover funds are available after April 1st, unless you contact PacificSource and ask to access earlier.