FSAs Administered by Flexible Spending Account Options
Dependent Care Flexible Spending Accounts
Flexible Spending Accounts (FSAs)
What is a Medical FSA? It’s an employer - sponsored benefit that allows those who don’t have an HSA to set aside up to $3,200 on a pre-tax basis through payroll deduction to help offset unreimbursed medical, dental or vision expenses. What can the funds be used on? Examples of eligible expenses FSA dollars can generally be used for include: • Medical copays, deductibles, prescriptions • Dental services such as crowns, bridges, dentures, implants, oral surgery • Vision services such as prescription eyeglasses, eye exams, prescription sunglasses, Lasik surgery
What is it? It’s an employer -sponsored benefit plan that allows employees to put aside funds for certain dependent care expenses on a pre-tax basis up to a specified limit ($5,000 in 2024 or $2,500 if you are married and file separate tax returns). What dependent care expenses are eligible for reimbursement? It must be an “employment - related expense” that allows the taxpayer to work. Who is a qualifying individual? A taxpayer’s dependent who is under age 13 or the taxpayer’s dependent or spouse who is physically or mentally incapable of self-care and who has the same principal place of abode as the taxpayer for more than half the taxable year. May I pay for eligible services in advance? No, services can only be paid for as they occur and as funds exists in the account. What are some examples of expenses eligible for reimbursement ? • Nursery school, preschool or similar program below the level of kindergarten • Before and after school care of a child in kindergarten or a higher grade • Day camp expenses Ineligible expenses include: • Overnight camp costs • Expenses for kindergarten or higher grade levels • Payments to either the taxpayer’s spouse or to a parent of a taxpayer’s child who is not the taxpayer’s spouse
• Contact lenses and related supplies • Hearing exams and hearing aids
• Infertility treatments, in vitro fertilization • Mental health counseling (not marital) • Birth control, tubal ligation, vasectomy • CPAP machines and accessories • Breast pumps and lactation supplies • Diabetic supplies • Sanitary napkins, pads, liners, tampons • Walkers, wheelchairs, crutches • Incontinent supplies • Many other over-the-counter (OTC) and medical supplies What is a Limited Purpose FSA? It’s an employer - sponsored benefit that allows those who do have an HSA to set aside money on a pre-tax basis through payroll deduction to help offset unreimbursed dental or vision expenses.
For more information on eligible OTC supplies go to https://fsastore.com/fsa-eligibility-list.
For more information on how to file a claim, go to www.hrpro.com.
Who can use either FSA? Funds can be used by the FSA owner’s spouse and a person claimed as a dependent on FSA owner’s taxes (with certain qualifications).
To file a claim, go to www.hrpro.com.
Page 10 | CREA, LLC | Plan Year 2024
This booklet provides only a summary of your benefits. All services described within are subject to the definitions, limitations , and exclusions set forth in each insurance carrier or provider’s contract.
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