Flexible Spending

Employees must be .5 full time equivalency or greater to be eligible for these plans.

Flexible Spending Account (FSA) 

An FSA allows an employee to set aside pre-tax dollars on a plan year (7/1 - 6/30) basis to cover out-of-pocket expenses for health care or dependent care expenses.  These funds are subject to a use-or-lose provision so it is important to carefully plan for the amount to be set aside.

Hood offers three types of FSAs:

  • Health Care FSA
  • Dependent Care FSA
  • Limited Purpose FSA
    • The LPFSA can be elected only with a HDHP health plan election and cannot be used to pay medical expenses, only dental/vision)

Important Information Regarding FSAs

Important Information Regarding the Use It or Lose It Provisions of FSAs