FlexElect Reimbursement Accounts
Medical Reimbursement Accounts
Even with the best of health care plans, there are certain expenses the plans don’t cover. With a Medical Reimbursement Account, you can set aside money from your paycheck to pay for those expenses. The money you set aside is exempt from taxation, so you end up owing fewer taxes on your income.
To learn more about Medical Reimbursement, please read the latest FlexElect Handbook on the Flex Accounts Bookshelf.
Dependent Care
A dependent care account is similar to a medical account except it’s for paying daycare expenses. This account does not cover medical expenses for your dependents. Refer to the medical reimbursement account for these types of expenses. The money you contribute to a dependent care account is not taxable, which means you’ll pay less taxes than you would if this money is counted as taxable income.
To learn more about Dependent Care, please read the latest FlexElect Handbook on the Flex Accounts Bookshelf.
