Flexible Spending Accounts 

A Flexible Spending Account (FSA) is a tax-advantaged financial account that allows employees in the United States to set aside a portion of their pre-tax earnings to pay for eligible medical expenses. Most employees pay for expenses on an after tax basis. By setting aside a portion of your paycheck tax free to pay for those expenses, you are able to reduce your taxable income, and increase your take home pay. 

FSA funds are loaded to a prepaid debit card, and are available for use for the employee right away. Employee can also submit for reimbursement for the Healthcare FSA should they choose not to use the card. 

The Ipswich Public Schools offers two Flexible Spending Account plans—a Healthcare FSA, and a Dependent Care FSA. Eligible expenses are listed below. 

DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT (FSA):

For dependent children under 13, elderly dependents, and dependents with special needs. Eligible expenses include day care, pre-school, before/after school care, day camp, and elderly day care. Maximum annual contribution is $5,000.00 for individuals or married couples filing jointly, or $2,500.00 for a married person filing separately.