Flexible spending accounts

Revolution offers Flexible Spending Accounts! With each paycheck, set aside some of your check, before taxes, which you can then use for approved expenses for you, your spouse, and your dependents. Reduce your tax burden in general; funds are deducted from your paycheck before taxes are calculated, and deposited into your FSA accounts, which you can access on Flex’s website.

Flexible Spending Account for Health (FSA)

A Flexible Spending Account for Health (FSA) is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that are not covered by your insurance plan. The FSA Health Account lets you save an average of 30% on eligible health expenses. 

If you do not use the full balance you contribute to your account, you can rollover up to $610 to use in 2023. Access the total amount of your account starting on January 1st, 2024, as the account allows you to have a negative balance and pay toward the account with your paycheck contributions.

Dependent Care ACCOUNT (DCA)

A Flexible Dependent Care Account (DCA) is a pre-tax benefit account used to pay for dependent care services, such as preschool, summer camps, before and after school programs, and daily care for children or the elderly. An FSA for Dependent Care is a simple way to save money while caring for your loved ones so you can go to work.

Be sure to estimate your annual dependent care expenses and make your contributions carefully. At the end of a plan year, any unused money in your FSA for Dependent Care will be forfeited if you do not apply for a qualified reimbursement check for the remaining balance. See Roma if you have questions or want to double-check contributions.

How to Enroll in Any of the Flexible Spending Accounts 

Simply decide how much you want to contribute each year and for each plan, and the funds will be withdrawn from your paycheck to be deposited into your account before taxes are deducted. The deadline is either December 23, 2023 or 30 days after you are eligible for benefits.

How does this work?

In Paycom you will select an annual amount that you would like to withhold from your checks for each type of account: Medical or Dependent Care. Throughout the year, you "pay the bill" with the pre-tax contributions of your check from that account. A Visa benefit card issued with your account can be used to pay for hundreds of products and services for you, your spouse and dependents, or receive reimbursement for payments you make.

Who is eligible?

• Full-time Salaried employees - FSA benefits are effective the first of the month following 30 days of employment.

• Full Time Hourly Employees -  FSA benefits are effective the first of the month following 60 days of employment.

What are the spending limits?

Each type of FSA has a different limit for the 2024 calendar year (January 1 - October 31)

• Health $ 2,666.66

Dependent care

• Married filing separate return $ 2,083.33

• Single or Married filing joint return $ 4,166.66 *

* Please note that married couples have a combined limit of $5,000, so if you file a joint return and contribute $5,000, your spouse cannot contribute to a separate DCA account through their employer and vice versa. Please see Roma if you have any questions.

If I don't use all my money, can I use it next year?

Each program follows different rules.

Medical: $610 maximum reinvestment for 2023 funds, $640 for 2024 contributed funds

Dependent care: No reinvestment. You have 30 days to request payments for the prior year.

Do you have questions about the program? Reach out to HR@revbrew.com to ask questions over email or to set a time to speak with Maria or Roma.