What are the benefits of an FSA?

Tax Benefits
Contributions to the FSA are deducted from your paycheck on a pre-tax basis, reducing your taxable income. On average, employees save 30%* of what it would otherwise cost for them to pay for eligible medical expenses.

(*For illustrative purposes only. Savings calculations are based on a federal tax rate of 15%, state tax rate of 5%, and 7.65% FICA.)

Funds Availability
There’s no waiting – you’ll have immediate access to your full annual election on the first day of the plan year, regardless of the amount you have actually contributed to date.

Rollover and Grace Period
There are 2 options your employer may select to modify the FSA:

• A Grace Period, which allows participants to have up to an additional 2½ months to use their FSA funds
• A Rollover/Carryover, which allows a rollover unused funds, up to 20% of the IRS Heath Care FSA maximum, into the following year

Check to see if your employer offers either of these options

What expenses are considered eligible?

On average, employees can save 30%* on what it would otherwise cost them to pay for many of the health care items and services they’re already paying for

Common eligible expenses 

How can I contribute to my FSA?

Understanding contributions is key to maximizing your account.

Contributions
Your employer determines the amount you may elect to contribute to your FSA, up to the IRS maximum. Your contribution is deducted from your paycheck by your employer throughout the plan year on a pre-tax basis and deposited into your FSA. Your employer may also contribute to your FSA.

Adjusting Contributions
Under IRS rules, elections can only be changed mid-year if you experience a change in status such as marriage, divorce, birth, or death. Check your employer’s plan for more detail.

How do I access my FSA funds?

Payment Options
You are able to pay directly from your account using a benefits debit card, if available. The card can be used anywhere debit cards are accepted. You may also use online portal to pay for expenses, or submit a claim to reimburse yourself for a qualified out-of-pocket expense. If you pay for medical expenses out of pocket and would like to be reimbursed from your FSA, you will need to submit a claim for reimbursement through your online Participant portal, or directly to your Flex Specialist.

Funds Availability
With an FSA, your entire annual election amount is available on the first day of the plan year, even though you have not yet contributed that amount.

Claim Submission Deadlines
You can submit claims for expenses you incurred during the plan year for reimbursement at any time within that plan year . There is typically a grace period after the end of each year, check with your employer to determine claim submission deadlines.