Flexible Spending Accounts(FSA)
An FSA is a benefit provided by your employer that allows you to contribute a chosen amount of your gross income to a designated account or accounts before taxes are calculated. These accounts are for unreimbursed medical expenses not covered by your insurance. With an FSA you can be reimbursed throughout the plan year as you incur the expenses.
Most medical expenditures not reimbursed by an insurance plan or any other source, such as copayments, vision care, dental costs, and routine physicals, arequalified medical expenses under an FSA Plan. These expenses may be either for you or for your dependents. Cosmetic surgery procedures and some other health-related expenses do not qualify.
Q: How do I check the balance of my medical FSA?
A: With the benefits card, you will have online access 24 hours a day to verify expenses and check your current balance remaining in your account. You may also contact our customer service department during business hours if you prefer.
Q: Can I switch dollars between my DCA and FSA accounts?
A: No. The dollars must be used in each account as specified on the election form.
Q: What happens if I don’t incur enough expenses to get back the money deposited into my reimbursement account?
A: Any expense dollars not used for expenses are forfeited. This is what is known as the “use it or lose it” provision of Section 125. It is very important to be conservative in estimating your expenses for the plan year.
