Flexible Spending Accounts

Flexible spending accounts (FSAs) allow an employee to contribute a predetermined percentage of pretax pay to an account that he or she can then use to pay for qualifying expenses. Depending on the type of FSA, those expenses might include childcare or medical costs that aren't covered by health insurance. At the end of the plan year, any unspent money in an FSA is forfeited.

Health Care Flexible Spending Account

A Health Care Flexible Spending Account (FSA) sets aside pre-tax money from your pay for certain medical and dental expenses. The MIT Health Care FSA, managed by Crosby Benefit Systems, Inc., reimburses you for eligible expenses.

You have access to the entire election amount on January 1st of each plan year, even though the dollars have not been deducted from your paycheck yet. You must have a qualifying medical expense to gain access to the funds, and your deductions will continue to come out of your paycheck on a weekly or monthly basis throughout the remaining plan year.

Learn more about the Health Care Flexible Spending Account (FSA).

Dependent Care Flexible Spending Account

The MIT Dependent Care Flexible Spending Account (FSA) allows eligible employees to set aside funds — before taxes — for planned dependent care services received while you work or search for work. You have access only to the dollar amount that you have contributed from your paycheck to the Dependent Care Flexible Spending Account.

You must have already had the dependent care services occur before the day you submit for reimbursement and have the dollars available in your dependent care account to be reimbursed. Your deductions will continue to come out of your paycheck on a weekly or monthly basis throughout the remaining plan year.

Learn more about the Dependent Care Flexible Spending Account (FSA).