Flexible Spending Accounts (FSA)
There are two types of Flexible Spending Accounts (FSA’s) available: Healthcare FSA and Dependent Care. An FSA allows you to pay for out-of-pocket costs with pre-tax dollars. Because you do not receive the amount of your FSA contributions in your paycheck, you do not pay income tax on this money, and the reimbursements are tax-free.
Account Options
- Healthcare FSA: You can contribute up to $3,200 during 2024 into a Healthcare FSA. Eligible Healthcare FSA expenses include deductibles, copays, coinsurance, prescription drugs, over-the-counter drugs (no prescription required), dental, and vision expenses.
- Dependent Care FSA: This FSA enables you to pay for certain dependent care expenses (up to $5,000). Eligible dependent care expenses include day care / after-school / program fees for children up to age 13 and certain adult day care expenses.
Other Important Notes
- Participants pay a $3.50 monthly post-tax administrative fee via payroll deduction
- Only one fee applies if you are enrolled in both the Dependent Care and the Healthcare FSA.
- Debit card: Expenses can be paid at the time of service. The funds are debited from the account and paid to the provider's facility directly at the time of purchase. When the debit card is not accepted, you are required to pay for the expense and submit a claim for reimbursement.
- Keep all FSA claim receipts even if you use your debit card. If additional information is needed from you, you will receive a communication requesting the receipt(s).
- Claims must be incurred by December 31. The IRS requires that any unused money in your account at the end of the plan year is forfeited by the employee. However, the IRS allows Healthcare FSA plan members to roll over up to $610 of unused funds for future use. The $610 roll over option does not apply to the Dependent Care FSA.
Carrier Information: Medcom - medcom.wealthcareportal.com | (800) 523-7542
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