Flexible Spending Account
At Inova, we know that sometimes out-of-pocket medical or dental expenses or care of a dependent can decimate your take-home pay. We have made arrangements to allow you to set aside a portion of your salary-before it is taxed-to pay these expenses. You save on taxes at the same time you are paying the necessary expenses.
- Dependent Care Account-designate up to $5,000 annually. If married filing separately, designate up to $2,500
- Health and Dental Care Account-designate up to $3,000 a year
The IRS defines the eligible expenses, and you may participate if you are budgeted to work 16 hours or more a week.
