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). Setting aside these funds lowers your taxable income.
Medical Expense Reimbursement Program (MERP) acts as a medical savings account - giving you your full annual goals amount at the beginning of the year for you to use with a Mastercard or applying for reimbursement of medical/dental/vision claims to your bank account.
Dependent Care Assistance Plan (DCAP) is used to pay for expenses like preschool, daycare, before/after school programs, and elder daycare.
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 30th to Wednesday November 20th to enroll for 2020.
Go to your Workday Open Enrollment page to select which plan you want and what you want your annual goal to be.
Changes for 2020
- New MERP Maximum of $2,700 for medical, dental, and vision expenses.
- TRP Transit maximum increasing to $165 per month.
- TRP Parking maximum increasing to $265 per month.
- You can enroll in MERP this year for an amount between $240 and $2,700.
- Up to $500 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.