Flexible Spending Account (FSA)
These plans provide for an employee to be reimbursed for dependent care expenses and/or health care expenses that are not paid by the GC Health Benefits plan or other group insurance. Employees may currently contribute up to $5,000 for the Health Care Spending Account Plan and $5,000 for the Dependent Care Spending Plan ($2,500 if married and filing a separate income tax return). Contributions are made with BEFORE TAX dollars and are thus sheltered from federal and state income taxes and Social Security tax (FICA). These plans are operated on a calendar year basis. An election must be signed prior to January 1 of each year. Details are available from Human Resources.