Flexible Spending Account

What is a FSA?

A Flexible Spending Account (FSA) allows you to set aside money out of your paycheck to pay for eligible expenses on a pre-tax basis.  There are two types of FSAs available: a healthcare account and a dependent care account.

Eligibility

  • Employees with a 51% or higher FTE on an annual basis are eligible to enroll in FSAs. 
  • HDHP/HSA medical plan participants are not eligible to enroll in a Healthcare FSA. 
  • All benefit eligible employees are eligible for the Dependent Care FSA.  

Enrollment for a Flexible Spending Account

  • Enrollment in a FSA expires at the end of each plan year. 
  • You must re-enroll in the FSA(s) during Open Enrollment to participate the following year.  
  • The only other time to take advantage of a FSA is within 30 days of experiencing a qualifying event, such as birth, marriage, loss of healthcare coverage, etc.

How to Enroll?

  • Enrolment in the FSAs is via the Online Enrollment located in WINGS.  No paperwork is required.

Healthcare FSA

A healthcare account reimburses you for out-of-pocket medical, dental, prescription or vision services, such as deductibles, co-pays, and coinsurance which would normally be paid with after-tax dollars.  For a listing of eligible expenses, please visit www.myCafeteriaPlan.com and/or  www.irs.gov.

Healthcare Account Tips

  • Pre-tax deduction (exempt from federal and state).
  • Minimum contribution is $10 per month.
  • Maximum contribution is $2,500 per year (IRS limit).
  • Common expenses that qualify for reimbursement are – doctor visits, deductibles, co-payments, co-insurance, prescriptions, mental health care, diabetic supplies, dental services and orthodontics, chiropractor services, eye exams, glasses and contacts.  For a listing of eligible expenses, please visit www.myCafeteriaPlan.com or www.irs.gov.
  • You must have a prescription from your physician to be reimbursed for qualified over-the-counter drugs and medicines (e.g. Advil, ibuprofen, cough syrup, etc.).
  • Reimbursements are only made via direct deposit with My Cafeteria Plan.
  • When estimating your contribution for Healthcare FSA, you should estimate based on expected expenses January 1, 2014 through December 31, 2014.
  • If you have any funds remaining in your account at the end of the 2014, and you’re NOT enrolling in the HDHP/HSA plan for 2015, you will have until March 15, 2015 to incur expenses for reimbursement from your 2014 Healthcare FSA.
  • Use it or lose it.  Claims for reimbursement must be submitted to My Cafeteria Plan by March 31, 2015. Claims submitted after the deadline will not be reimbursed and any remaining FSA balance will be forfeited. 

Dependent Care FSA

A dependent care account reimburses you for expenses such as daycare, before and after school programs, nursery school or preschool, summer day camp and adult day care which would normally be paid with after-tax dollars.  For a listing of eligible expenses, please visit www.myCafeteriaPlan.com and/or www.irs.gov.

Dependent Care Tips

  • Pre-tax deduction (exempt from federal and state).
  • Minimum contribution is $10 per month.
  • Maximum IRs contribution limit is $5,000 per year ($2,500 for married filing separate or $5,000 single Head of Household or married filing jointly).  Please note:  if your spouse is a participant in the same or another cafeteria plan, the combined total of Dependent Care FSA elections cannot exceed $5,000.
  • You and your spouse, if married must be actively working, seeking employment or a full-time student, in order to get reimbursed for your dependent day care expenses.
  • Your expense(s) must be for a qualifying individual including a dependent younger than age 13; spouse or dependent that is physically or mentally incapable of self-care; spends 8 hours a day in the household and for whom you are entitled to claim as a dependent on your federal tax return.
  • Qualified expenses for reimbursement include – adult and child daycare centers, preschool, before/after school care, and summer camps (not overnight camps).
  • Dependent care expenses can only be reimbursed up to the amount available in your account
  • Reimbursements are only made via direct deposit with My Cafeteria Plan.
  • When estimating your contribution for Dependent Care FSA, you should estimate based on expected expenses January 1, 2014 through December 31, 2014. 
  • Dependent care expenses claimed for reimbursement must be incurred in the period for which you pledged and made FSA contributions.
  • Use it or lose it.  Claims for reimbursement must be submitted to My Cafeteria Plan by March 31, 2015. Claims submitted after the deadline will not be reimbursed and any remaining FSA balance will be forfeited.