Flexible Spending Account
A Flexible Spending Account (FSA) is a special account you put money into that you use to pay for certain out-of-pocket healthcare or dependent care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside. Employees may be eligible to participate in the FSA administered by Chard Snyder.
FSA BASICS
- Money deducted from your paycheck pre-tax
- Used for eligible healthcare or dependent care expenses
- Unused money is forfeited at the end of the year
- Everyone must re-enroll every year
Eligibility Criteria
- You are not eligible to participate in a Healthcare FSA for 2024 if you participate in the Health Savings Account (HSA), but you are allowed to participate in the Limited Healthcare FSA (LFSA) and Dependent Care FSA. The LFSA can help pay for out-of-pocket dental and vision costs
- If you have dependent children under the age of 13 or dependents of any age who are unable to care for themselves, you can enroll in this plan and choose the amount you want to put aside for daycare.
Limited Healthcare FSA
Available with:
HDHP Plan
A Limited Healthcare FSA is a pre-tax spending account that can only be used for eligible dental and vision expenses. You can use your funds to pay for a variety of dental and vision care products and services for you, your spouse or domestic partner, and your dependents.
Maximum Contribution
Healthcare Flexible Spending Account1,2
$3,300
Sample Expenses: Medical, Dental, Vision, Pharmacy Copays; Glasses or contacts; Deductible or coinsurance
Limited Healthcare Flexible Spending Account1,2,3
$3,300
Sample Expenses: Only eligible dental and vision expenses
Dependent Care Flexible Spending Account1,4
Single or married filing a joint return: $5,000
Married filing separate return: $2,500
Sample Expenses: daycare, after-school care, elder care
- The IRS requires you to keep copies of all expenses in which your FSA dollars were used.
- Annual pledged contribution is available on your effective date of coverage.
- If you elect to participate in the Buy-Up High Deductible Health Plan and contribute to a Health Savings Account (HSA), you qualify for the Limited Health Care FSA (not the Full Health Care FSA) and your flex dollars may only be used for eligible dental and vision expenses, NOT medical or pharmacy expenses.
- Annual pledged contribution is available to the extent of employee contribution.
QUESTIONS? CONTACT THE CARE LINE
Care Line is an NFP-sponsored program that is staffed by dedicated professionals to help you understand the benefit options made available to you. Whether you have concerns about a recent claim or bill, finding an in-network doctor or just some guidance on which medical plan is right for you and your family, the Care Line can help educate and advocate. The Care Line is available to all employees and children over 18 who are enrolled on the benefit plan.
Contact the Care Line at (844) 717-8777, or you can submit your questions at callthecareline.com.
The Care Line is open Monday - Friday from 8:00 am - 7:00 pm (EST).