Flexible Spending Accounts (FSAs) Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars from your paychecks to pay for qualified medical or child care expenses. Because that portion of your income is not taxed, you end up with more money in your pocket. MAA offers three types of Flexible Spending Accounts (FSAs) – a Medical FSA, a Limited FSA and a Dependent Care FSA. Below you’ll find information on the FSAs offered by MAA and administered by WEX Benefits. Feature Medical FSA Limited FSA Dependent Care FSA
Funds can only be used for dependents under 13. You + spouse (if applicable) must be working, looking for work or be full time students.
Must be enrolled in the Cigna Choice Fund HSA Plan with Health Savings Account
Can't be enrolled in a Health Savings Account (HSA)
Eligibility Requirements
Medical copays, deductibles & coinsurance, prescription drugs, dental & vision expenses not paid by insurance & certain over the counter products (i.e. contact lens solution, band aids)
Dental & vision expenses not paid by insurance, like dental work, orthodontics, dentures, vision exams, prescription glasses, contact lenses & laser eye surgery.
Pre-school & after-school care, day care providers and summer day camps.
Examples of Eligible Expenses
Minimum Annual Election
$130
$130
$130
$7,500 ($3,750 for married taxpayers filing separately) As they are contributed from your bi-weekly paycheck
Maximum Annual Election
$3,400
$3,400
Jan. 1 or when participation begins, if later
Jan. 1 or when participation begins, if later
When are funds available?
Dates that 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
Ways to spend your FSA Dollars
FSA Debit Card or filing a claim for reimbursement
FSA Debit Card or filing a claim for reimbursement
Amount that can be carried over to the next plan year
$680
$680
n/a
Claims Run-Out Period 90 days following the end of the plan year Click here to learn more about each type of FSA, the FSA Debit Card, the carryover feature and more! Important things to know: 90 days following the end of the plan year 90 days following the end of the plan year You can only elect to participate in an FSA during your initial enrollment period (new associates are eligible the 1st of the month on or after 30 days of employment), during an annual open enrollment period or following a Qualifying Life Event that permits an election to participate between annual open enrollment periods. After electing to participate in an FSA, you may only change your election following a Qualifying Life Event that permits election changes between annual open enrollment periods. FSA elections don't carryover from year to year. You must make a new election each year during the annual open enrollment period. Any remaining funds (up to $680) in your Medical or Limited FSA at the end of the year will automatically carry over into the new plan year. If you enroll in the Cigna Choice Fund HSA Plan in the new plan year and have carryover Medical FSA funds, your carryover funds will be placed into a Limited FSA for reimbursement of eligible dental and vision expenses only.
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