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Flex Spending Account (FSA)

A Flexible Spending Account (FSA) allows you to put pre-tax money into accounts to reimburse​ yourself for out-of-pocket health and dependent care expenses that you would have paid for with after-tax money.                 

The PayFlex Debit Card.               

City Colleges of Chicago offers employees a FSA plan through PayFlex, a nation-wide provider of FSA benefits. A Health and Dependent Care FSA helps you save money on your out-of-pocket family health and child care expenses by allowing you to set aside pre-tax dollars for qualified medical expenses. FSAs are exempt from federal income taxes, state income taxes and Medicare taxes. Depending on your tax bracket, you may save 30% or more on your out-of-pocket expenses.    

Expenses reimbursed from your Healthcare FSA cannot also be claimed as a tax deduction on your income tax return. Expenses reimbursed from your Dependent Care FSA cannot be used for a child care tax credit on your income tax return. 

You  must re-elect your FSA independent care account every year. Your prior year FSA elections will not automatically be continued for the following calendar year. IRS regulations require that you re-enroll in your FSA each year during Open Enrollment.                                        

Unused Health or Dependent Care FSA balances must be forfeited under IRS regulations. Make sure you carefully estimate your expected health and dependent care expenses before you enroll in or change your FSA election.​                                   

The PayFlex Debit CardPayFlex Card Information

​More Information About Flexible Spending Accounts

Flexible Spending Account Flier​                
Flexible Spending Account summary                                          
Flexible Spending Log-in and Important Information​                             
Flexible Spending Claim Form​               

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Learn More

​​​Benefits Quick Links

2016 Health Benefits

                                                         

​2016 Voluntary Benefits