FLEXIBLE SPENDING ACCOUNTS (FSA)
Flexible Spending Accounts are tax-favored programs that help you pay for eligible out-of-pocket health care and dependent care expenses with pre-tax dollars. The Millennium Group currently offers three (3) types of Flexible Spending Accounts: The Health Care FSA, The Dependent Care (Day Care) FSA, and the Transportation Benefits FSA. Participation in our FSA options is completely voluntary and is only good for one benefit period. Our benefit periods run from January to December in any given year. You must enroll each year that you choose to participate. If you do not enroll during open enrollment season, you will not participate in the next Benefit Period.
MEDICALHealth Care flexible spending accounts are typically used for most medical, dental, and vision care expenses included co-pays, deductibles, and eyeglasses. Health Care FSA cannot be used to pay for any type of insurance premiums, including long-term care insurance premiums.
|
DEPENDENT CAREThe Millennium Group's Dependent Care FSA can be used to pay for eligible dependent care expenses such as such as child care for children under the age of 13, or day care for anyone who you claim as a dependent on your Federal tax return who is physically or mentally incapable of self-care so you can work, look for work, or your spouse can attend school full-time.
Please note that the dependent care flexible spending account does not pay for medical care for your dependents.
|
TRANSPORTATIONCommon eligible expenses include transportation through train, bus, subway, and ferry. Up to $300 per month can be contributed on a pre-tax basis.
You can also pay for parking at or near your regular place of employment tax free! Up to $300 per month can be contributed on a pre-tax basis.
|