![]() ![]() However, in the case of birth, adoption, or placement for adoption, your coverage will become effective on the date of the event provided you enroll within 31 days of that event. Your mid-year enrollment or change in the Health Care FSA or Dependent Care FSA election must be submitted within 31 day of your qualifying event, and will become effective on the first day of the month coinciding with or following the date of your change in status event, or the date on which you provide notice of the event, whichever is later. If you have a qualifying family status change event (such as marriage or a new baby) outside Annual Enrollment, you have the opportunity to enroll in a Health Care and/or Dependent Care FSA, or adjust your contributions, consistent with the family status change. Your election is binding throughout the plan year, so it is important to carefully plan your contributions and expenses. When you enroll in an FSA, you decide how much to contribute to the account for the entire plan year. (pdf) Health care and dependent care FSA eligible expense list (pdf). Watch the ASIFlex video "What is an FSA?" for additional information.Ĭlick on a header to expand the selection and uncover additional information. While one could make the argument that taking daily multivitamins can help ward off future health problems, they generally fall outside IRS regulations for FSA eligibility as they are products used to support ones 'general health,' and not used to diagnose, cure, mitigate, treat or prevent a legitimate. Purchase eligible items and submit your claim or use your TexFlex debit card to. Your personal savings will vary according to your net tax rate. Using an FSA to pay for expenses can reduce your out-of-pocket costs significantly. Have been incurred by you, your spouse or your eligible dependent C. Be for products or services that treat a medical condition B. Dependent Care FSA - Tax-free savings can help you pay for child/dependent day care expenses.īy contributing a portion of your paycheck to an FSA on a pre-tax basis, you save on the cost of eligible expenses you are already incurring. 1 Eligible and ineligible expenses Eligible expenses Seeking reimbursement For expenses to be eligible for reimbursement, they must: A.Health Care FSA - Use tax-free savings to pay for health care expenses that are not covered, or partially covered, by your medical, dental and vision insurance plans.Any benefit-eligible employee can enroll in the Dependent Care FSA regardless of medical plan enrollment.ĪSIFlex administers both kinds of FSA visit our plan contacts page for provider information.Ī flexible spending account (FSA) is a tax-free account that allows you to pay for essential expenses. You do not need to enroll in a medical plan to be eligible for a Health Care FSA however, you cannot enroll if you (and/or your spouse) currently participate in a Health Savings Account (HSA). the taxpayer’s total medical expenses exceed 7.5 percent of adjusted gross income. Both a Health Care Flexible Spending Account (FSA) and a Dependent Care FSA may be available to benefit-eligible faculty and staff depending on your medical enrollment choices. ![]()
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