Thomas College FSA Plan January 1, 2025 –December 31, 2025
The Health Flexible Spending Account, which includes the General Health FSA and Limited Purpose FSA lets you pay for certain IRS-approved medical care expenses not covered by your insurance plan with pre-tax dollars. For example, monies you now spend on deductibles, copayments, or other out-of-pocket medical expenses can instead be placed in the Health FSA pre-tax, to pay for these expenses. The annual maximum amount you may contribute to the Health FSA or the Limited Purpose Health FSA is $3,300 with a minimum $260 and includes the grace period provision. You are given 60 days after the last day of your plan year to submit claims for prior year expenses. Remember, the date of service must occur during your active participation within the company’s plan year.
CGI Contact Information: E-Mail: claims@cgibusinesssolutions.com Fax: (603) 232-9363 Toll Free Number: (888) 383-0088
Send Forms To: CGI Business Solutions 5 Dartmouth Drive Auburn, NH 03032
Frequently Asked Questions:
What is a Health Flexible Spending Account (Health FSA)? The Health FSA pays for qualified medical expenses not covered or reimbursed by your medical plan or any other type of insurance. FSA funds can also be used to pay for dental and vision care services and many other services and products. You will find a more
comprehensive list of eligible expenses within the FSA Brochure provided by CGI Business Solution. What is a Limited Purpose Health Flexible Spending Account (Limited Purpose Health FSA)?
A Limited Purpose Health FSA is similar to a Health FSA however it differs by the type of expenses it covers. Under the Limited Purpose FSA, eligible expenses are limited to qualifying dental and vision expenses for you, your spouse, and eligible dependents. This account would typically be elected in conjunction with the HSA. How does a Health Savings Account (HSA) affect my Health FSA eligibility? An HSA allows you to pay for healthcare expenses on a pre-tax basis when enrolled in a qualified High Deductible Health Plan (HDHP). Both an HSA and a Health FSA are funded with pre-tax salary dollars that can be used for the same type of health care expenses. Therefore, if you or your spouse enrolls in an HSA plan you will only be eligible to enroll in the Limited Purpose Health FSA as defined by IRS guidelines. How does the Coronavirus Aid, Relief and Economic Security Act (CARES Act) impact Health FSAs? On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) into law to address the COVID-19 crisis. Effective Jan. 1, 2020, the CARES Act allows OTC drugs, to be treated as qualified medical expenses that may be paid for using these tax-advantaged arrangements. This change eliminates the ACA provision requiring individuals to have a prescription for an OTC drug (except insulin) when submitting for reimbursement under the Health FSA. In addition, effective Jan. 1, 2020, menstrual care products are qualifying medical expenses that can be paid for (or reimbursed) on a tax-free basis by a Health FSA. Menstrual care products include tampons, pads, liners, cups, sponges, or similar products used by individuals with respect to menstruation. How does the Health Care Reform law impact Health FSAs for dependent adult children? Effective January 1, 2011, eligibility for dependent adult children who have not yet attained age 27 under the Health Care Reform law and subsequent revised Internal Revenue Code, is effective for the Health FSA. If you have a dependent adult child who meets this definition, eligible FSA expenses can be reimbursed on their behalf through the end of the taxable year in which the dependent is still age 26. Expenses are not eligible through the FSA for the entire taxable year in which the dependent turns 27 (Example: dependent turns 27 in March 2020, expenses are not eligible for entire 2020 taxable year). How does the grace period option work? The grace period extension allows for a 2 ½ month time frame following the end of the plan year. During this period, you can use any remaining funds in your account to cover eligible expenses through 1/31/2026. You can continue to access the remaining balance using your CGI FSA debit card throughout the grace period to spend down the funds. Business Simplified __________________________________________________________________________________________________ 5 Dartmouth Drive, Auburn, NH 03032 www.cgibusinesssolutions.com
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