The money is then deducted from your paychecParticipating in a Healthcare FSA is a great way to pay for existing healthcare costs, reduce your taxable income and save money in the process. When you enroll in an FSA you decide how much to contribute for the entire plan year.k before taxes are calculated in equal amounts over the course of the year. From there, you can easily access funds for healthcare-related products and services and benefit from real tax savings.
It’s important to plan ahead when determining your contribution amount. Consider your upcoming medical, dental, vision and pharmacy costs that may not be covered by your health plan. Also, remember that healthcare expenses for any of your tax dependents are eligible for reimbursement, even if those individuals are not on your employer’s health insurance program.
Note: The 2014 contribution limit will be announced by the IRS before the end of the year.
Here is just a sampling of the types of expenses that you can cover with your Healthcare FSA:
For a complete list of costs typically covered, visit:
We make it as easy as possible for you to use your Healthcare FSA, providing the following payment and reimbursement options:
Plus, our MyFlexsm Mobile Application allows you to check your FSA account balance and take a picture of your receipt and submit it with the claim right from you mobile phone.
It’s important to keep receipts and other supporting documentation related to your FSA expenses and reimbursement requests. The IRS requires appropriate documentation for all Health FSA reimbursements. When you use your Health Care Card, most transactions are automatically verified.
However, from time to time we may need additional documentation to verify the date of service, amount billed and services rendered. Credit card receipts, canceled checks, and balance forward statements do not meet the requirements for acceptable documentation.