Flexible Spending Account
The Flexible Spending Accounts (FSAs) are optional plans offered by Naperville Community Unit School District 203 that allow you to save money by using pre-tax dollars to pay for your out-of-pocket health care and dependent care expenses. The amount you select will be deducted biweekly on a pre-tax basis from your pay (based on 26 or 20 pays). The FSA plan year aligns with the calendar year, running January 1st to December 31st.
Health Care Flexible Spending Account (HFSA)
The HFSA allows you to pledge pre-tax money for qualified health care expenses that you, your spouse and/or your dependent children incur throughout the plan year. You do not need to be enrolled in medical, dental or vision coverage through the District to enroll in the HFSA.
- You may contribute up to $2,500 to your HFSA for the 2017 plan year.
- Your share of expenses which are not reimbursed by a health care plan, such as co-pays, deductibles, and out-of-pocket expenses, are eligible to be claimed from the HFSA plan.
The IRS and Naperville Community Unit School District 203 allow you to claim any unused HFSA amounts at the end of the plan year for expenses incurred during the first 2 1/2 months of the new plan year. All claims, including those incurred during the grace period, must be submitted within 3 months of the end of the plan year. The “Use It or Lose It” rule still applies to any funds left in your HFSA account after the grace period has expired.
Dependent Care Flexible Spending Account (DCA)
The DCA allows you to pledge pre-tax money for qualified dependent care expenses you incur throughout the plan year. Eligible dependents are those whom you are entitled to claim as dependents on your federal tax return, are under age 13, and/or a disabled spouse or other disabled tax-qualified dependent who spends at least eight hours a day in your home. If you are married, your spouse must also work, be a full-time student or be disabled.
- You may contribute up to $5,000 to your DCA for the 2017 plan year if you are single, or if you are married and file a joint return.
- You may contribute up to $2,500 to your DCA for the 2017 plan year if you are married and file separate income tax returns.
- Expenses such as day care, before- and after-school programs, summer day camp and adult day care are eligible to be claimed from the DCA plan.
There is no grace period for the DCA. All DCA expenses must be incurred during the plan year and submitted by March 31, 2018. The “Use It or Lose It” rule applies to any DCA funds left in your account at the end of the plan year.