CVS allows you to pay certain health care and dependent care expenses with pre-tax dollars. You will not pay any federal, Social Security and in most cases, state or local taxes on funds placed in the plan.
How Flexible Spending Accounts Work:
- Each plan year you decide how much to defer to the Health Care and Dependent Care Spending Accounts.
- Money is deducted from your paycheck (before taxes are calculated) and put into the account(s).
- When you have eligible expenses, you pay the bill, submit the FSA reimbursement claim form with receipts for the expenses and get a tax-free reimbursement from your Account. Please allow 4-5 business days for processing and payment of your claim. Download a Direct Deposit Form.
- Your Benefits debit card makes using your Account quick and easy. The card looks and works like a typical debit card, allowing you instant access to your FSA Account for eligible medical and dependent care expenses.
Here are some quick answers to commonly asked questions:
To learn more about your Flexible Spending account, click on the appropriate link below:
2010 CVS Flexible Spending Account Program Guide
2010 CVS Flexible Spending Account Program Guide - California
The guides contain all the information you will need to help you decide on your elections including forms and worksheets.
