Flexible Spending Accounts (FSAs) allow you to set aside pre-tax money from your paychecks to pay for qualifying medical expenses (MERP), child/elder care costs (DCAP), or transit/parking expenses (TRP). This lowers your taxable income.
Medical Expense Reimbursement Program (MERP) acts as a medical savings account - giving you your full annual goal amount at the beginning of the year for you to use with a Mastercard or applying for reimbursement to your bank account.
Dependent Care Assistance Plan (DCAP) is used to pay for expenses like preschool, daycare, before/after school programs, and elder day care.
Transportation Reimbursement Plans (TRP) are used to pay for qualifying parking and transit expenses.
How to Enroll
You must enroll every year to participate in a Flexible Spending Account. You have from Wednesday, October 26th to Wednesday, November 16th to enroll for 2023.
Go to your Workday Open Enrollment page to select which plan you want and what you want your annual (or per-paycheck) goal to be.
FSA Details for 2023
- Medical Expense FSA (MERP) maximum increases to $3,050 annually for medical, dental, and vision expenses. Minimum is $240 annually.
- Unused funds over $610 will be forfeited at the end of 2023
- Carryover funds are available after April 1st, unless you contact PacificSource and ask to access earlier
- Dependent Care Expenses (DCAP) maximum remains $5,000 per year.
- The maximum age of child dependent is 12
- DCAP does not have carryover
- Transportation Expenses (TRP)
- Carryover always allowed from year to year, no carryover limit
- TRP Transit maximum enrollment amount increases to $200 per month
- TRP Parking maximum enrollment amount increases to $300 per month
- Minimum contribution for TRP accounts is $20 per month