Young Harris College      Young Harris College Employee Handbook
Policy

Flexible Spending Account (FSA)

The College provides a Flexible Spending Account (FSA) program to regular full-time Employees who enroll in the program. The College takes money from your pay before taxes are calculated and deposits it in your FSA. You can then use the money in your FSA to pay for health care expenses that are not paid by health insurance or dependent care expenses during the plan year. Because we take the FSA contributions from your pay before taxes, less taxes are taken out of your pay.

You must enroll in the Health Care and/or Dependent Care FSA in order to participate and you must re-enroll each plan year. You decide how much you want to contribute to the FSA by figuring out how much you might need to pay next year for expenses that are covered by the FSA. You may contribute up to $5,000 to your Health Care FSA each plan year. You may also contribute up to $5,000 to your Dependent Care FSA each plan year. You can only contribute to the FSA by having the money taken directly out of your pay before taxes. If you do not use all the money in your FSA by the end of the plan year, you will lose that money so you do not want to contribute more than you expect you will need.

There are more details about our FSA program in the Summary Plan Description. If you have questions about the FSA program, contact the Human Resources Department for more information. The Human Resources Department can also give you a worksheet to help you decide how much you should put in the FSA and examples of how you can use your FSA money.


Policy No.  326  Issued  3/1/2009    

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