Flexible Spending Account
The Harrison Group
Flexible spending accounts, or FSAs, provide you with an important tax advantage that can help you pay health care and dependent care expenses on a pre-tax basis. By anticipating your family’s health care and dependent care costs for the next plan year, you can lower your taxable income.
Silvi will reimburse the unused balance in your FSA accounts in April of the following year. Since contributions to the FSA are not taxable, the reimbursement is considered taxable income.
Healthcare FSA
The Healthcare FSA allows you to set aside pre-tax dollars via payroll deductions to pay for qualified healthcare expenses for you and your dependents.
The annual maximum amount you may contribute is $3,400 per calendar year.
The Healthcare FSA can be used for:
- Doctor office copays
- Non-cosmetic dental procedures (crowns,
dentures, orthodontics) - Vision expenses such as prescription contact lenses, glasses, sunglasses, and LASIK eye surgery
Dependent Care FSA
The Dependent Care FSA lets you use pre-tax dollars toward qualified dependent care expenses.
The annual maximum amount you may contribute is $7,500 (or $3,750 if married and filing separately) per calendar year.
The Dependent Care FSA can be used for:
- The cost of child or adult dependent care
- The cost for an individual to provide care either in or out of your house
- Nursery schools and preschools (excluding kindergarten)
Claims Submission Deadline
All eligible claims for FSA expenses incurred between January 1, 2026 and December 31, 2026 must be submitted to The Harrison Group by March 15, 2027.
Did you know ...
Under the CARES Act, the definition of a qualifying medical expense now includes certain over-the-counter medications and products. Specifically, the act treats additional over-the-counter medications, along with menstrual care products, as qualified medical expenses that may be paid for using FSAs or other tax-advantaged accounts.