Our Flexible Spending Accounts (FSAs) are administered through Benefit Resource, Inc.
A medical FSA allows you to pay for eligible health care expenses with tax-free dollars. The monies in your medical FSA can be accessed via a debit card (with your plan-year election loaded on it).
FY20 Plan Year - July 1, 2019 - June 30, 2020
Maximum election - $2,700 ($103.85/pay)
Minimum election - $130 ($5.00/pay)
How the Medical FSA Works
- Estimate what you will spend out-of-pocket for medical expenses during the current plan year
- Enroll in the plan through our benefits enrollment website - enter your estimated spend when prompted for Medical FSA. The annual amount elected to set aside will be deducted from your pay, pre-tax basis, in 26 equal amounts throughout the plan year
- Utilize your debit card for qualified purchases. You may also submit claims for reimbursement.
- Some eligible expenses include:
- Co-payments, co-insurance, and deductibles
- Dental care (exams, fillings, crowns)
- Vision care, glasses, and contact lenses
- Prescription drugs
Some important things to remember with your FSA account:
- Participants receive 2-debit cards to use for for eligible out-of-pocket medical expenses
- You must re-enroll each year during the annual open enrollment window. FSA does not continue automatically as other benefits do.
- You do not have to participate in our Health Plans in order to participate in a FSA.
Medical FSA - Use it or Lose it Rule
Under current IRS law, the annual amount you set aside for eligible out-of-pocket medical expenses must be used within the 12 month plan year. You are also given a 90-day grace period after the plan year ends to submit expenses that occurred during the plan year.
You can rollover up to $500 into the new plan year. Any balance over $500 will forfeited. This provision applies to the Medical FSA only.