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Flexible Spending Accounts
A Flexible Spending Account (FSA) is an account that allows employees to set aside pre-tax dollars to pay for qualified health care or dependent care expenses. This plan is administered by P&A Group. At the beginning of each plan year, the employee decides how much to contribute to the FSA, and that amount is deducted over the course of the plan year. Access to the total amount of funds is immediate, meaning the entire amount can be accessed as soon as the plan year begins. However, unused dollars left in the FSA at the end of the plan year are forfeited because IRS regulations do not allow FSA funds to roll over from one year to the next. Plan carefully when deciding how much to contribute to avoid forfeiting amounts unspent at the end of the plan year.
Employees and covered dependents(s) do not have to be covered under the state’s medical plans to participate in an FSA.
The Health Care Flexible Spending Account (Health Care FSA) is used for out-of-pocket health care expenses not paid by insurance. Such expenses include deductibles, copays, coinsurance, prescription, dental, and vision, for yourself, your spouse, and all dependents you can claim on your tax return. Dependent children must be under age 27 at the end of the tax year. Non-prescription medicines (other than insulin) are not considered qualified medical expenses for FSA purposes. You may contribute between $120 and $2,650 a year to reimburse yourself for eligible out-of-pocket health care expenses.
You may contribute between $120 and $5,000 a year, or up to $2,500 a year if married and filing separately, to reimburse yourself for eligible dependent care expenses incurred so you and your spouse, if married, can work, look for work, or your spouse can attend school full time. In addition to day care, the account may also cover some before- and after-school care expenses, summer day camp, and preschool tuition costs.
- Your dependent children under the age of 13.
- A person of any age whom you claim as a dependent on your federal income tax return who is mentally or physically incapable of caring for himself or herself.
Important Note about Retirement and your FSA coverage
If you retire or terminate employment during a plan year, you may only seek reimbursement for claims incurred through your last day of employment. If you still have additional funds in your flexible spending account, they will be forfeited.