Flexible Spending Account Reference Guide
What’s Inside? Your Chard Snyder
How do FSA Plans Work? FSA funds are deducted from your paycheck before taxes, so the money deposited into the FSA account(s) you enrolled in is tax free which saves you money. You can use your FSA money to pay for expenses that are eligible under the benefit plan. The IRS determines what expenses are eligible and are reimbursed if they are incurred by you, your spouse, or your tax dependents during the plan year. You elect the annual amount to contribute up to the amount allowed by the IRS and your plan. A Flexible Spending Account (FSA) can help you save money on healthcare and dependent care items and services for yourself and your family. Your benefit plan may offer the health FSA, dependent care FSA, and/or a limited-purpose FSA. Each account is designed to help you save up to 40% on merchandise and services you already buy.
Online Account ...................Page 3 Access Your Online Account Manage Your Account The Chard Snyder Mobile App ............................Page 5 How to Use Your Plan Health FSA.................... Page 6 Dependent Care FSA .............................Page 7 Limited-Purpose FSA .........................................Page 9 The Chard Snyder Benefits Card .....................Page 10 How to File a Claim ........Page 13 Plan Deadlines ..................Page 15 Making Changes to Your FSA Plan ....................Page 16 Contact Chard Snyder ......................Page 17
What are the Different Types of FSAs?
A health FSA can be used for eligible medical expenses such as copays, coinsurance, deductibles, dental, vision, prescriptions, medical supplies, and procedures. Even over-the-counter medications and menstrual care products are eligible expenses. A dependent care FSA can be used for expenses incurred to care for your children age 12 and younger, as well as your adult tax dependents, who require care while you are at work . A limited-purpose FSA is designated for eligible dental, vision, and preventive care expenses only. The limited-purpose FSA allows those with a Health Savings Account (HSA) to use HSA funds for medical expenses and use the limited-purpose FSA funds for eligible expenses such as orthodontia or glasses.
www.chard-snyder.com
Page 2
©2024, Chard Snyder & Associates, LLC. All rights reserved.
Made with FlippingBook interactive PDF creator