Flexible Spending Accounts (FSA)
Chard Synder
6867 Cintas Blvd, Mason OH 45040
Customer Service: 800-982-7715
Claims Fax: 888-245-8452
A Flexible Spending Account allows you to pay your portion of group benefits, un-reimbursed medical expenses and dependent/childcare with pre-tax dollars. With Flexible Spending, your expenses are deducted from your paycheck before state, federal, and Social Security taxes. By paying these expenses with pre-tax dollars, you will reduce taxable income and take home a larger portion of your paycheck.
Three Components of the Flexible Spending Account
1. Group Benefit Premium—Your portion of group medical and dental premiums will be deducted from your paycheck on a pre–tax basis.
2. Medical Expense Reimbursement—Each year, you may set aside up to $3,200 pre-tax dollars to pay for qualifying out-of-pocket medical, dental, vision, prescription drug, and other expenses, including deductibles, coinsurance payments, and copayments for yourself and your dependents.
3. Dependent Care Reimbursement— Each year, you may set aside up to $5,000 pre-tax dollars (or $2,500 if you are married and filing individually) to pay for eligible Dependent Care expenses. This includes childcare, eldercare, or other eligible dependent care.
Facts you should know:
-
Participation is voluntary
-
Participation in the plan simply allows you to pay for qualified expenses with pre-tax dollars
-
Because you will be paying less in Social Security taxes, participation in the Flexible Spending Account may slightly reduce your future Social Security benefits
-
Flexible Spending Accounts are subject to the “use it or lose it” rule
-
Participants should carefully monitor their spending throughout the year to avoid any unused balance
-
Prescription is needed for over-the-counter medications
-
Participants are not eligible for the Medical Expense Reimbursement FSA if they are enrolled in any of the HSA HDHP Plans