Flex time

FSAs allow users to set aside money pretax to pay for health expenses.

Your health care dollars can go further during this year’s open season benefits period by enrolling with FSA Feds, the Postal Service’s new flexible spending accounts (FSAs) plan provider.

FSAs allow users to set aside money pretax to pay for out-of-pocket health and dependent care expenses.

Unless you experience a qualifying life event,” you can only enroll in FSAs during open season, which runs from Nov. 14-Dec. 12 this year.

The maximum amount you can contribute is $2,600 towards a health care FSA and $5,000 toward a dependent care FSA.

With FSA Feds, employees can rollover as much as $500 into the next year in their health care FSA. Anything above this amount must be used by Dec. 31, 2016.

“FSAs can be a great way to save on taxes, but you need to be smart about how much to set aside,” said Benefits and Wellness Manager Erica Hayton. “Don’t put in the max unless you’re going to spend the max.”

FSA Feds also has features that will make getting reimbursed easier.

For instance, if you enroll in a health care FSA, you can choose paperless reimbursement.

This option automatically reimburses your eligible expenses under participating Federal Employees Health Benefits Program (FEHB) and Federal Employees Dental and Vision Insurance Program (FEDVIP) plans.

The Open Season LiteBlue site has more information about FSAs.