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I think I know the answer to this but I figured I would throw it out there...
I have insurance through my employer and my wife was just hired and will be eligible for insurance through her employer. According to my company's plan if my wife has insurance available to her I either have to drop her or pay a higher premium to keep her on my insurance so we are thinking of each taking our respective insurance plans. The question is...can we both maintain FSA accounts with their respective plans? I would think "Yes" but was wondering if anyone is in the same situation?
3. If my spouse has an FSA account through his or her employer, can I set up one, too?
Yes. If you both have FSA accounts, you cannot submit for reimbursement for the same expenses.
The annual limit of $2,500 for the Health Care Account. For a Dependent Care Account, the total per household that can be elected must not exceed $5,000 ($2,500 each if married and filing separately) in accordance with IRS rules.
Thank you...that is what I thought...we have some orthodontist expenses in the near future that we need to plan for
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