A flexible spending account (FSA) allows you to set aside pre-tax dollars from your paycheck to cover qualified expenses you would normally pay out of your pocket. We offer two types of FSA programs.
The healthcare FSA helps you pay for certain IRS-approved medical expenses not covered by your insurance plan with pre-tax dollars. The maximum contribution to the healthcare FSA is $2,750 per plan year.
If any funds remain in your Healthcare FSA at the end of the current plan year, you can carry over up to $550 into the next year. Your carry over balance can be used at any time for expenses incurred in the new plan year (in addition to the elected payroll deductions).
Funds you elect to contribute to the healthcare FSA are available in full on the first day of the plan year. For example, if you elect to contribute $1,000, the full election is available to you on day one. You’ll continue to pay for the election pre-tax from your paycheck throughout the plan year.
Dependent Care FSA
The dependent care FSA lets you set aside pretax dollars to use toward qualified dependent care. The maximum amount you may contribute to the dependent care FSA is $5,000 (or $2,500 if married and filing separately) per plan year. Funds you contribute to the dependent care FSA function like a debit card; you need to accumulate the funds before you can use them.
Do you use public transportation to get to and from your work site? If so, there is a commuter benefit option available. For more information, please reach out to your HR team.
- Dependent Care Age Limit- SMM Dealer Tire LLC
- Dependent Care Age Limit- SMM Simple Tire LLC
- Dependent Care Age Limit- SMM Sonsio LLC
- FSA Carryover-SMM Dealer Tire LLC HFSA-LFSA
- FSA Carryover-SMM Dealer Tire LLC
- FSA Carryover-SMM Sonsio LLC DCAP
- FSA Carryover-SMM Sonsio LLC
- FSA Carryover-SMM Simple Tire LLC DCAP
- FSA Carryover-SMM Simple Tire LLC HFSA-LFSA
- Midyear Election Changes- SMM Simple Tire LLC
- Midyear Election Changes- SMM Dealer Tire LLC
- Midyear Election Changes- SMM Sonsio LLC
- Doctor’s visit copays
- Prescription drug copays
- Medical and dental deductibles
- Over-the-counter medications (with a written prescription)
- Hearing aids
Dependent Care FSA
- Cost of child or adult daycare*
- Nursery school
- Preschool (excluding kindergarten)
* An eligible dependent is a tax dependent child under age 13 or a tax dependent spouse, parent, or child unable to care for themselves.