Flexible Spending Accounts

A Flexible Spending Account (FSA) is funded with money you contribute on a pre-tax basis. You can use FSA funds to pay for qualified out-of-pocket health care costs for you and eligible dependents or dependent day care charges. According to IRS regulations, each year you must enroll during your benefits annual enrollment period if you want to participate in either a Healthcare FSA or a Dependent Day Care FSA.

Aetna/PayFlex is the vendor for Flexible Spending Accounts.




arrow  HEALTHCARE FSA

You can contribute between $200 and $2,600 pre-tax annually into the Healthcare FSA. All money you elect to contribute is accessible immediately. The money you contribute can be used to cover out-of-pocket costs such as:




arrow  LIMITED HEALTHCARE FSA FOR HSA PLAN

HSA Plan members are not eligible for the Healthcare FSA but do have access to a limited Healthcare FSA administered through Aetna. You may use the limited FSA to pay for dental and vision expenses and for medical expenses once your deductible has been met. You will not be issued a PayFlex debit card for the Limited Healthcare FSA so be prepared to pay for expenses using other methods (cash, check or credit card). Then, submit a claim form to be reimbursed for your eligible expenses.

TIP: You may want to think twice about enrolling in a Limited FSA. If you are making contributions to your HSA, those funds can be used for any IRS eligible medical expense whereas the Limited FSA can only be used for dental and vision if you have not satisfied your HSA medical plan deductible.



arrow  GRACE PERIOD FOR HEALTHCARE FSA

The risk of forfeiting money from your Healthcare FSA has been reduced by a grace period (extra time in the following year to use your FSA money). For those with a current 2017 FSA, you will be able to use any remaining balance in your Healthcare FSA at the end of 2017 to pay for expenses incurred through March 15, 2018. Any 2017 Healthcare FSA funds not used by March 15, 2018 will be forfeited. To avoid forfeiture, purchase items such as eyeglasses, contact lenses and other approved Healthcare FSA expenditures. Reimbursement requests using your previous year’s remaining Healthcare FSA balance must be filed by May 15, 2018. Please remember to keep all of your receipts and Explanation of Benefits from insurance companies as they are required for verification of expenses.




arrow  DEPENDENT DAY CARE FSA

Money you contribute into a Dependent Day Care FSA can be used toward care for a child under age 13, a physically or mentally disabled parent or child, or elder care for tax-qualified dependents.

Unlike the Healthcare FSA, you can only access the money that is currently in your account. To qualify for reimbursement, these expenses must be incurred so that you (and/or your spouse) can work or go to school. HSA Plan members can also participate in the Dependent Day Care FSA.

If you have a current 2017 Dependent Day Care FSA, you do NOT have a grace period in which to use remaining previous year balances. All expenses must occur before December 31, 2017 and claims for 2017 Dependent Day Care FSA must be filed no later than May 15, 2018, to receive reimbursement.
 


arrow  AETNA / PAYFLEX DEBIT CARD

All new FSA participants will automatically receive a new debit card in the mail for 2018. Please activate the card when you receive it. Current FSA participants who elect FSAs for 2018 will have their new balances loaded onto their existing card. The use of the card is for convenience only. IRS guidelines still require you to retain receipts for any eligible expense for which you receive reimbursement. On occasion, Aetna may request verification of expenses and you will need to submit appropriate documentation for the expense. If not received, the card will be deactivated until the expense can be substantiated as eligible under IRS definitions. Check with Aetna to determine what supporting documentation is required. You can manage your account online at www.aetnanavigator.com.