Coca-Cola offers you the choice of participating in a Health Care Flexible Spending Account and/or a Dependent Care Flexible Spending Account administered by PayFlex (Inspira Financial). These accounts allow you to set aside pre-tax dollars from each paycheck to help pay for out-of-pocket eligible health care and dependent care expenses for you and your family.
The Health Care Flexible Spending Account (HCFSA) allows you to use pre-tax dollars to pay for your out-of-pocket eligible health care expenses for you and your family members. Eligible family members include any person you claim as a dependent for income tax purposes. You can set up a HCFSA regardless of whether you or your dependents have enrolled in a health plan offered by the company.
You can contribute up to a maximum of $3,200 per year into your HCFSA via pre-tax payroll deductions.
In addition, you will be eligible to carryover amounts left in your Health Flexible Spending Account, up to $640. This means that amounts you do not use during the Plan Year can be carried over to the next Plan Year and used for expenses incurred in the next Plan Year.
The Dependent Care Flexible Spending Account (DCFSA) allows you to use your pre-tax dollars to pay for eligible dependent care expenses, such as day care for your child or care for an older family member.
Eligible dependents include:
- Dependent children under the age of 13;
- Disabled dependents who lives with you for more than half the year (and for whom you pay expenses).
You can contribute up to a maximum of $5,000 per year per household into your DCFSA (unless you and your spouse file separate tax returns, then the maximum you can contribute is $2,500 per year).
Health Care Flexible Spending Account:
- Copays, deductibles, coinsurance;
- Eligible medical services or supplies not covered by your medical plan;
- Prescription drugs and medicines (copays, coinsurance, etc.);
- Prosthetic, orthopedic and orthotic devices;
- Counseling for learning disabilities and psychotherapy expenses to treat specific conditions;
- Eligible dental services not covered by your dental plan, including orthodontia;
- Hearing aids and exams not covered by your medical plan; and
- Smoking cessation programs.
Dependent Care Flexible Spending Account:
- Qualified day care center;
- Nursery school expenses;
- Before and after school child care; and
- Certain types of expenses related to elder care.
