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You specify an amount to be taken from your paycheck each month and deposited in your Health FSA and/or your Dependent Care FSA. When you incur eligible expenses, you submit a claim form and appropriate documentation of these expenses to CONEXIS. CONEXIS then reimburses you from the funds in the appropriate account. You must submit claims by April 15 of the following year to receive reimbursement.
Because the FSA contributions are deducted from your paycheck before taxes are withheld, your taxable income is reduced, and you save money on taxes. Your savings will depend on your particular tax situation.
DepCare FSA Contributions
If your spouse is also eligible to participate in a dependent care FSA, your combined contributions should not exceed the maximums stated above. Remember that you forfeit any money you don't use; so calculate your contributions carefully.
Health FSA Contributions