FLEXIBLE SPENDING ACCOUNTS (FSA ) S Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars from your paychecks to pay for qualified medical and/or dependent care expenses. Because that portion of your income is not taxed, you end up with more money in your pocket. Below you’ll find informa- tion on the FSAs offered by MAA and administered by Discovery Benefits. MAA offers three types of Flexible Spending Accounts (FSAs) – a Medical FSA, a Limited FSA, and a Dependent Care FSA. Below is a chart that provides an overview of each plan.
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dependent care fsa
feature
Medical FSA
Limited fsa
You and your spouse (if applicable) must be working, looking for work, or be full-time students
Cannot be enrolled in a Health Savings Account (HSA)
Must be enrolled in the Cigna Choice Fund HSA Plan with Health Savings Account
Eligibility Requirements
Dental and vision expenses not paid by insurance, such as dental work, orthodontics, dentures, vision exams, prescription glasses, contact lenses, and laser eye surgery
Medical copays, deductibles, and coinsurance, prescription drugs, dental and vision
Pre-school and after-school care, day care providers, and summer day camps
expenses not paid by insurance, and certain
Examples of Eligible Expenses
over-the-counter products such as contact lens solution and band aids $130
$130
Minimum Annual Election Maximum Annual Election
$130
$2,650
$2,650
$5,000
January 1 or when participation begins, if later
As they are contributed from your paycheck (bi-weekly)
January 1 or when participation begins, if later
When are funds available?
Dates for which eligible expenses can be incurred
January 1- December 31 January 1- December 31 January 1- December 31
FSA Debit Card, filing a claim for reimbursement, or enrolling in Recurring Dependent Care
FSA Debit Card or filing a claim for reimbursement
FSA Debit Card or filing a claim for reimbursement
Ways to spend your FSA Dollars
Amount that can be carried over to the next plan year
$500
n/a
$500
90 days following the end of the plan year
90 days following the end of the plan year
90 days following the end of the plan year
Claims Run-Out Period
Click here to learn more about each type of FSA, the FSA Debit Card, the $500 carry over feature, and more!
important things to know: • You may only elect to participate in an FSA as a new associate eligible the 1st of the month on or after 90 days of employment, during our annual Open Enrollment period, or following a Qualifying Life Event which permits an election to participate between annual Open Enrollment periods. • After you elect to participate in an FSA, you may only change your election following a Qualifying Life Event which permits election changes between annual Open Enrollment periods. • FSA elections do not carry over from one year to the next. You must make a new election each year during the annual Open Enrollment period.
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