Pre-Tax Flexible Spending Accounts
Flexible Spending Accounts (FSAs), formerly known as pre-tax spending accounts, offered by SEGIP can provide you with substantial tax savings by paying your health and dental plan premiums, eligible dependent care, medical, dental, and transportation expenses with pre-tax dollars.
But remember the IRS rule "use it or lose it". Because of the tax advantages of flexible spending accounts, any contributions to medical/dental and dependent care flexible spending accounts that remain unclaimed by the end of a year will be forfeited. Employees who have a MDEA pre-tax account can roll over $500 of unused dollars to the next year.
These plans are administered by 121 Benefits (formerly Eide Bailly Employee Benefits).