FLEXIBLE SPENDING ACCOUNT (FSA) – OPTIONAL
Maine Media Workshops + College offers a Flexible Benefit Plan to year round employee’s that work a minimum average of 25 hours per week.
Employee may make a weekly pre-tax dollar contribution ($500 min, $2,750 max/yr) into a Flexible Spending Account for Medical/Dental/Eye care and/or Dependent Care. Participants may rollover up to, but not more than $500 from one plan year to the next.
Under current IRS regulations, expenses are considered eligible for reimbursement from a Medical FSA if the expense includes amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease and for treatments affecting any part or function of the body. The expenses must be primarily to alleviate or prevent a physical or mental defect or illness. Expenses solely for cosmetic reasons are not generally expenses for medical care. Also, expenses that are merely beneficial to one’s general health (e.g., vitamins, spas, etc.) are not expenses for medical care.
Expenses are considered eligible for reimbursement from a Limited Purpose Medical FSA if the expense includes amounts paid for non-cosmetic vision and dental services that have not been nor will be reimbursed by any other source.
Enrollment and renewal will take place on our administrators’ website. (Group Dynamic Inc.)
The last day to incur FSA reimbursable expenses in the current plan year is December 31st.
Any remaining funds above $500 will be forfeited if not used.
For a list of qualified expenses see the FSA Eligible Expense here.