What is a Health Care FSA?

A Health Care FSA is a member funded pre tax benefit account used to pay for eligible medical, dental, and vision care expenses that are not covered by your health care plan or anywhere else. Also, with the passage of the CARES Act, Over The Counter (OTC) products are covered with or without a prescription.

What is a Dependent Care FSA?

A Dependent Care FSA is a member funded pre tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare. A qualifying person is your dependent child who is younger than age 13 or a spouse or tax dependent who is not physically or mentally able to care for him or herself. You must receive these services from an eligible care provider (determined by Provider’s TIN or Social Security number).

What is a Commuter Parking Account?

A commuter parking account is a member funded pre tax account that allows you to pay for qualified parking expenses to a maximum of $270 per month.

What is a Transit Account?

A Transit Account is a member funded pre tax benefit that allows you to pay for qualified transit expenses up to $250 monthly. They include the cost of trains, subway, buses and carpooling in a commuter vehicle.

How much can I contribute to a Health Care FSA?

The IRS currently allows a maximum annual contribution of $2750. Once you elect an amount to contribute to your FSA, the total will be divided by the number of pay periods in your plan year, and the contributions will be taken from your pay on a pre-tax basis. Please note that the full amount of your Medical FSA election will be available to you on the first day the plan is effective, so there is no need to wait for reimbursement even if you haven’t yet contributed that amount to your medical FSA account. This is different from the other FSA accounts – Transit, Commuter, or Dependent FSA accounts are reimbursed on a “pay as you go” basis.

May leftover Healthcare FSA funds be carried over into the next year?

Funds may be carried over through March 15th of the following year.

Can I use Health Care FSA funds for my insurance premium?

The IRS does not allow FSA contributions to pay insurance premiums. Here are some examples of allowable expenses: -medical and dental expenses for you, your spouse if you’re married, and your dependents. -deductibles and copayments, but not for insurance premiums. -prescription medications, as well as over-the-counter medicines with or without a doctor’s prescription. Reimbursements for insulin are allowed without a prescription. – medical equipment like crutches, supplies like bandages, and diagnostic devices like blood sugar test kits. Click here for a full list.

How much can I contribute to a Dependent Care FSA?

The IRS allows a maximum contribution of $5,000 a year per household.

Can Dependent Care FSA funds be carried over to the next year?

A Dependent Care FSA allows for a reasonable period of time for employees to submit claims after the plan year end, but all dependent care expenses must be incurred by plan year end.

How much can I contribute to a Mass Transit Plan?

The IRS allows you to contribute a maximum of $270 a month.

Can Mass Transit Plan funds be carried over to the next year?

Yes. The IRS allows these funds to be used in the subsequent year.

How much can I contribute to a Parking Plan?

The IRS allows you to contribute a maximum of $270 a month.

Can Parking Plan funds be carried over to the next year?

Yes. The IRS allows these funds to be used in the subsequent year.

Am I allowed to make changes outside of the open enrollment period?

Besides the Open Enrollment period Health Care and Dependant Care FSAs can only be changed for valid qualifying event.

How long do I have to submit documentation for a refund in my medical, dependent and Parking?

Participants can request reimbursement from their medical and dependent care FSA Accounts with service dates through March 15, 2022 up until a filing deadline of March 15, 2022. For the parking plan, the funds rollover from year to year. Claims should be filed within 180 days of the service date.