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FSAFEDS offers three different flexible spending accounts (FSAs): a health care flexible spending account, a limited expense health care flexible spending account, and a dependent care flexible spending account. Eligible employees can enroll in FSAFEDS each year during the Federal Benefits Open Season (the November/December timeframe).
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Open Season enrollments are effective January 1 of the following year. Current enrollees must remember to enroll each year to continue participating in FSAFEDS. Enrollment does NOT carry forward year to year. The Federal Flexible Benefits Plan ("FedFlex") enables eligible employees to pay for certain out-of pocket expenses with pre-tax dollars. The initial FedFlex benefit, Health Benefits Premium Conversion (HB-PC), was implemented in October 2000.
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In 2003 OPM expanded FedFlex by offering Flexible Spending Accounts (FSAs). These benefits are available to current employees only — by law they do not apply to annuitants.New and newly eligible employees must enroll in this program within 60 days (but no later than October 1) of their entry on duty.
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