Did you know??
- Our FSA vendor is Employee Benefits Corporation (EBC)
- What is a Flexible Spending Account (FSA)? A flexible spending account is a way to set aside pre-tax money from your paycheck to help pay for certain medical, dental, vision, and daycare/babysitting expenses.
- What types of FSAs are available?
o Medical Flexible Spending accounts (FSA) – a standard health FSA is used to pay eligible medical, dental and vision expenses.
o Limited Health FSA – a limited health FSA is for employees enrolled in the PPO HDHP plan only and want to use pre-tax money to pay for eligible dental and vision expenses only.
o Dependent Care FSA – a dependent care FSA is used to pay for daycare or babysitting for your dependent children under 13 years of age.
- What if I do not use all the funds during the plan year?
o For the Medical FSA and Limited Health FSA you can rollover up to $500 each year of unused funds.
o For the Dependent Care FSA, no rollover is allowed.
o Any unused funds in Dependent Care FSA, or any amount over $500 in the Medical FSA or Limited Health FSA would be forfeited if not used.
- Examples of common expenses are: medical copays, prescriptions, glasses, contact lenses. Please see attached for a more complete list of eligible expenses.
- How much can I elect?
o Standard Health FSA – a maximum of $2650 per year
o Limited Health FSA – a maximum of $2000 per year
o Dependent Care FSA – a maximum of $5000 per year
- How do I pay for eligible expenses using FSA funds?
o You can pay for eligible expenses using the debit card for the standard and limited health FSA accounts. If you prefer, you can submit claims online.
o For Dependent Care FSA, you will submit claims online.
- Do I need to keep my receipts? Yes, you should keep your receipts. For certain expenses, especially dental and vision you will be required to submit detailed receipts to our FSA vendor to substantiate the purchase. If you do not submit receipts when requested, your debit card can be put on hold until documentation is received. You will also need receipts for daycare/babysitting for Dependent Care FSA claims.
- Is there a deadline to submit claims for each year?
o For each calendar year, you have a runout period to submit claims, or March 31stof the next year.
If you have any questions, please contact us at email@example.com.
Open Enrollment is October 22nd through November 2nd