Flexible Reimbursement Accounts (Flexible Spending Accounts) allow you to set aside part of your pay each pay period on a pre-tax basis for one, or both, of these accounts:
Participation is optional. The minimum amount employees can contribute is $10 per pay period ($240 per year) or $208 per pay period ($4992 per year). You must use all of your account money by the end of the plan year; otherwise, you do not get it back – USE IT OR LOSE IT.
Every year, employees are eligible to make changes to their flex account election and/or enroll for a July 1 effective date. The Annual Open Enrollment period is announced every April. Outside of this open enrollment period, employees can only enroll or change their flex account within 31 days of a qualifying mid year event.. Employees are not required to participate in the health insurance plan to take advantage of the Flexible Reimbursement Accounts.