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Flexible Spending Account (FSA)

Flexible Spending Accounts (FSAs) are for money you have set aside and earmarked for a particular use.  This money is not taxed, and is accessible as you need it.  You will save money when you use pre-tax dollars to reimburse your eligible health care expenses.  If you enroll in the flexible spending account, your elected contributions will be deducted from your pay and will not be subject to federal income tax, state income tax, or social security (FICA) taxes.  When your taxable income is reduced, your taxes are also reduced.

Macalester employees with a .50 FTE or higher are eligible for coverage.  Certain additional criteria must be met for specific types of FSA enrollment.  Macalester has three different types of FSAs available to our eligible employees.  FSA funds must be spent within a calendar year, with a few exceptions, or the money is forfeited.  Employees must re-enroll annually to continue coverage.

The key to effective use of the flexible spending account is planning.  You must anticipate what your expenses will be for the coming year and set aside enough money to cover them.  You decide how much money you will contribute annually (based on a calendar year) to your account.