Flexible Spending Accounts (FSA)
Any amount contributed to your FSA account but not spent or used by December 31, 202 4 is lost to the account holder. Money in your FSA does NOT roll over and must be used by December 31, 202 4 . You will have 90 days after 12/31/2 4 to turn in all receipts for medical expenses incurred in 202 4.
Administered by CBIZ Flex , Flexible Spending Accounts (FSA) allow an employee to set aside a portion of earnings to pay for qualified expenses as established in the cafeteria plan. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in substantial payroll tax savings. Open enrollment allows you the opportunity to enroll in and/or increase your election amounts for your Flexible Spending Account. Therefore, now is the time to gauge how much you utilize your benefits and how much money you spend in deductibles and copayments each year so that you can properly enroll in the FSA . Please note, you must set up an ACH Direct Debit through CBIZ for reimbursement. Medical Reimbursement FSA This account allows employees the opportunity to pay for eligible medical, dental, and vision expenses that are not paid in full through insurance coverage. Many members use this account for deductible amounts, copayments, eyeglasses, over the counter medications with a physician ’ s prescription, root canals, etc. You may contribute a maximum of $ 3,050 during 202 4 , measured January 1 through December 31. You cannot contribute to an FSA if you are enrolled in the QHDHP. Dependent Care Reimbursement FSA May be used to set aside pre - tax dollars that are used to pay for daycare expenses for a child under age 13 or the care of a disabled spouse or dependent of any age. You and your spouse must both work or be full - time students to qualify. You are allowed to contribute a maximum of $5,000 during 202 4 to the Dependent Care FSA if you are married and filing a joint tax return or are filing a single head of household tax return. Married couples filing separate returns are allowed to claim a maximum of $2,500 each. In most cases, there is substantially more tax savings with this plan than there is with the “ tax credit ” that you get when doing your tax return. It is best to discuss your options with your tax advisor if you have any concerns. Employees may participate in a Health Savings Account (HSA) along with a Dependent Care FSA.
Facts and tips Tracking your health care deductibles can help you make better decisions at open enrollment time when considering a Medical Reimbursement FSA. Know the following:
◼
The total amount of your deductibles
◼ What expenses don ’ t count towards your deductible ◼ How often you actually meet your deductible ◼ Medical exams or services you ’ ll need during the year
Below is a partial list of eligible expenses that can be reim- bursed from a Medical Reimbursement Account. Other out - of - pocket expenses may qualify.
Alcoholism treatment
Laboratory fees
Artificial limbs
Licensed osteopaths
Ambulance
Licensed practical nurses
Braces
Orthodontia
Chiropractors
Orthopedic shoes
Coinsurance and copay- ments
Obstetrical expenses
Contact lens solution
Oxygen
Contraceptives
Prescription drugs
Crutches
Podiatrists
Deductible amounts
Prescribed vitamin Supplements (medically necessary)
Dental expenses
Psychiatric care
Dentures
Psychologist expenses
Dermatologists
Routine physical
Diagnostic expenses
Seeing - eye dog expenses
Eyeglasses, including exam fee Handicapped care and sup- port
Smoking cessation programs
Sterilization and reversals
Nutrition counseling
Substance abuse treatment
Hearing devices and batter- ies
Surgical expenses
Hospital bills
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