What Is a Healthcare Flexible Spending Account (FSA)?
An account which you may set aside pre-tax dollars to pay for out-of-pocket healthcare expenses. The healthcare account may be used for non-reimbursed medical, dental, and vision expenses such as copayments, prescriptions, etc.
The full FSA election amount is available as of the FSA effective date.
What Is a Dependent Care Account?
The dependent care account may be used for eligible childcare or elder care expenses.
How Do These Spending Accounts Work?
The amount you elect is deducted from your paycheck and stored in your account until you need it. You can request reimbursement by using your debit card at the time of purchase, filing your claims online, or submitting paper claims along with your receipts to Paylocity. A check will be sent to you for expenses you have incurred and paid out-of-pocket.