Flexible Spending Accounts

• Health Care Flexible Spending Account
• Dependent Care Flexible Spending Account
• Flexible Spending Account Plan Document

Health Care Flexible Spending Account

The Health Care Flexible Spending Account Plan allows employees to contribute pre-tax dollars to an account maintained by the Medical College of Georgia.  Contributed funds are used to cover qualified health or dental expenses.  The maximum contribution per year is $5,000.  Any unused balance will remain with the Medical College of Georgia.  You must re-elect this plan each year for participation the following year.

Dependent Care Flexible Spending Account 

The Dependent Care Flexible Spending Account Plan provides employees who have regular dependent care expenses such as baby-sitting and day care the opportunity to contribute pre-tax dollars to a special account maintained for them by the Medical College of Georgia from which they will be reimbursed for such expenses.  Depending upon the satisfaction of certain requirements, an employee may contribute up to $5,000 per year from his/her paycheck to the Dependent Care Flexible Spending Account for 2 or more eligible dependents.  This amount will be deducted before taxes are computed, thereby allowing your taxes to be calculated on a lower income amount.  The net effect is a reduced tax liability. 

There are several IRS regulations with which the employee must comply in the use of the Dependent Care Flexible Spending Account.  Please see the Dependent Care Flexible Spending Account Plan booklet available from the Employee Benefits Section for details about these regulations. 

Elections or changes during open enrollment will be effective January 1 of the following year.  Any unused balance will remain with the Medical College of Georgia.  You must re-elect this plan each year for participation the following year. 

Flexible Spending Account Plan Document