Flexible Spending Account (FSA) What is a Flexible Spending Account (FSA)?
An FSA is like getting a discount on everyday health and/or dependent care expenses because you are paying with pre-tax money. There are separate FSAs for health care and dependent care.
Health Care FSA A Healthcare FSA (HCFSA) allows you to set aside pre-tax dollars to pay for out-of-pocket healthcare expenses that you expect to have over the coming year. Available to employees who enroll in the $750 Deductible Plan; also available to those who do not elect medical coverage through NextGen Healthcare. This plan is administered through WEX. How the HCFSA Works • Estimate you and your family’s expected out-of-pocket costs for the coming year. This can include eligible expenses such as office visit copays, dental and vision expenses, prescription copays and even some over the counter items. • You can contribute up to $3,400 annually through pre-tax payroll deductions. You can only change your contribution amount during the year if you experience a QLE. • Pay for eligible expenses with your FSA debit card or request reimbursement for out-of-pocket payments you have made. Withdrawals from the FSA will be tax free as long as they are for eligible healthcare expenses. • Your entire annual contribution is available to you from the beginning of the plan year. • Expenses must be incurred between 1/1/2026 – 12/31/2026. This plan includes a grace period after the close of the plan year on 12/31/2026 that permits you to submit claims for reimbursement for expenses incurred during the plan year. All claims must be submitted by 3/31/2027. • Unused money does not carry over at the end of each year — use it or lose it! • You must re-enroll in this program each year.
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