FLEXIBLE SAVINGS ACCOUNT (FSA)
Your benefits package includes a Flexible Spending Account (FSA), which allows employees to set aside a specific pretax dollar amount for unreimbursed medical, dental, vision, orthodontia, and dependent care expenses. If you have predictable out-of-pocket expenses, you may want to consider enrolling in the FSA.
You have the option to join two separate FSA accounts:
(1) An Unreimbursed Medial Account* can be used for eligible medical, dental, and vision expenses. Examples include:
(a) Office visit co-pays
(c) Prescription eyeglasses or contact lenses
(d) Dental cleanings
(2) A Dependent Care Account can be used for custodial expenses for a claimed dependent. Examples include:
(a) Day care center or babysitter to allow you (and your spouse, if married) to work, actively look for work, or be a full-time student
(b) Custodial or elder care
Use the Flexible Spending Account Calculator online:
Medical expenses are eligible for reimbursement provided that they are to diagnose, threat, or prevent an existing medical condition, and you have not been reimbursed for them through any other benefits plan. Some items may require a prescription, doctor’s note, or additional certification from a medical provider to show expenses are eligible.
For a list o common medical, dental, and health-related expenses typically considered to be qualifying expenses, please go to www.benefits.payshex.com
FSA Debit Card
You can use an FSA debit card to access your funds and pay for FSA-eligible items and services at a point-of-sale terminal rather than paying out of pocket and submitting a claim form for reimbursement.
Depending on the items purchased, you may still need to submit documentation to validate the expense as eligible under the plan.
TAX SAVINGS: FSA deductions come out of your paycheck before most withholding taxes are computed, reducing your taxable income and INCREASING YOUR TAKE-HOME PAY!
BUDGETING: Regular payroll deductions help you budget medical, dental, vision, orthodontia, and dependent care expenses.