Commuter Benefits
What is a commuter account?
A commuter account is an employer-sponsored benefit program that lets you set aside money before taxes to spend on parking and public transportation to and from work.
Why should I participate?
The money you put into a commuter parking or transportation account is taken from your paycheck before taxes are deducted. So, you can pay for your parking or transportation expenses with money that hasn't been taxed.
You can save an average of 30% on your eligible mass transit and parking expenses.
How much can I contribute to my FSA?
Annual contributions may not exceed $3,200 per year, as determined by the IRS.
Who is eligible under an FSA?
An FSA covers eligible expenses for you and all of your dependents, even if they are not covered under your primary health plan.
How do I get the funds out of my FSA?
If you have a benefits card, simply swipe it at the register. Otherwise, just file a claim including the receipt documenting the type, amount and date. Once approved, your reimbursement check will be mailed or deposited into your bank account.
What happens if I don't spend all of my FSA by the end of the plan year?
Be sure to only allocate dollars for predictable medical expenses. Any unused funds at the end of the plan year are typically forfeited, also called the use-it-or-lose-it rule.