Flexible Spending Accounts (FSAs) allow MIT employees to contribute a predetermined percentage of pretax pay to an account that is then used to pay for qualifying expenses.
MIT's FSAs are administered by HealthEquity | WageWorks.
How have COVID-19 regulations impacted MIT’s Flexible Spending Accounts?
Employers have been permitted to make changes to their Health Care and Dependent Care FSAs in an effort to increase flexibility for employees to make prospective changes and to use remaining balances. Learn about the FSA changes MIT has adopted in our COVID-19 FAQ.
Health Care Flexible Spending Account
A Health Care Flexible Spending Account (FSA) is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan or elsewhere. It’s a smart, simple way to save money while keeping you and your family healthy.
Dependent Care Flexible Spending Account
The MIT Dependent Care Flexible Spending Account (FSA) allows eligible employees to set aside funds — before taxes — for planned dependent care services received for dependent children under the age of 13 while you work or search for work.
Tip: Keep Your Receipts
A good rule of thumb for both FSAs is to keep itemized receipts with dates of service, type of service received, and name of the person receiving services, as well as other supporting documentation related to your expenses and reimbursement requests, on hand. The IRS may request itemized receipts to verify select expenses. Credit card receipts, canceled checks, and balance forward statements do not meet the requirements for acceptable documentation.
Need Help or Have Questions?
Contact MIT Benefits, or see the additional contact options below.
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