Flexible Spending Plan
Hempstead Public Schools offers a Flexible Spending Plan (FSP) to provide employees with a convenient, tax-advantaged way to pay for eligible health care and dependent care expenses. Participation in the plan allows employees to set aside pre-tax dollars, helping to reduce taxable income while managing out-of-pocket costs.
What Is a Flexible Spending Plan?
A Flexible Spending Plan allows eligible employees to contribute a portion of their salary on a pre-tax basis to pay for qualified expenses. Funds may be used for approved medical, dental, vision, and dependent care costs, as permitted by IRS regulations.
Benefits of Participation
By enrolling in the Flexible Spending Plan, employees can:
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Lower their taxable income
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Budget for predictable out-of-pocket expenses
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Use pre-tax dollars for eligible health care and dependent care needs
Enrollment and Changes
Employees may enroll in the Flexible Spending Plan during the designated open enrollment period or following a qualifying life event, in accordance with plan guidelines. Participation elections must be made within required timelines.
Important Considerations
Flexible Spending Plan funds are subject to IRS rules and deadlines. Employees are encouraged to review plan details carefully to understand eligible expenses, contribution limits, and any “use-it-or-lose-it” provisions that may apply.
Questions or Additional Information
For questions regarding eligibility, enrollment, or allowable expenses under the Flexible Spending Plan, please contact the Human Resources Department for assistance.