Flexible Spending Accounts (FSAs)

Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars to pay for eligible health and dependent care expenses. Each year, you must elect the annual amount you want to contribute, up to the IRS maximum. Your contributions will be deducted pre-tax from your paycheck which can help reduce your taxable income.

Health Care FSA

The Health Care FSA, through HSA Bank, will reimburse you for eligible health care expenses that you, your spouse, and your children incur during the plan year. When you incur an eligible expense, you can use your HSA Bank debit card and/or submit documentation for reimbursement.

You can contribute up to $3,300 to your Healthcare FSA.

Note: If you are enrolled in the HDHP with HSA, you are not eligible to participate in the Health Care FSA.

Limited Care FSA

Participants in the HDHP plan are eligible to participate in the Limited Care FSA, through HSA Bank, to pay for eligible dental and vision care expenses that you, your spouse, and your children incur during the plan year. When you incur an eligible expense, you can use your HSA Bank debit card and/or submit documentation for reimbursement.

You can contribute up to $3,300 to your Healthcare FSA.

Please note: The Limited Care FSA can only be used to pay for dental and vision expenses. Health care expenses cannot be paid for under this account.

Dependent Care FSA

The Dependent Care FSA lets you use pre-tax dollars to pay eligible daycare expenses for children age 12 and under, or elder dependents who are unable to care for themselves. Care can be provided through live-in care, babysitters, or licensed daycare centers. You may contribute up to $5,000 per household or $2,500 if you’re married, but filing separately.

Rules to Keep in Mind

FSAs offer significant tax advantages, but are subject to IRS regulations:

• All expenses for the Health Care and Dependent Care FSAs must be incurred during the plan year: January 1 through December 31.
• At the end of the calendar year, you may roll over up to $660 of unused Health Care FSA funds, but any remaining funds above this amount will be forfeited. This rollover provision is not allowed with the Dependent Care FSA.
• Once you enroll in the FSA, you can only change your contribution amount if you experience a qualified life event.
• Each account functions separately. You cannot transfer funds from one FSA to another.
• Keep your receipts! You may be required to submit receipts to show claims eligibility.