Flexible Spending Accounts (FSAs) Flexible Spending Accounts (FSAs) al low you to set aside pre-tax dol lars from your paychecks to pay for qual i f ied medical or chi ld care expenses. Because that por tion 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’ l l find information on the FSAs offered by MAA and administered by WEX Benef its.
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 Dental & vision expenses not paid by insurance, like dental work, or thodontics, dentures, vision exams, prescription glasses, contact lenses, & laser eye surgery.
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, & cer tain over the counter products (i.e. contact lens solution, band aids)
Pre-school & after-school care, day care providers and summer day camps.
Examples of Eligible Expenses
Minimum Annual Election
$130
$130
$130
Maximum Annual Election
$2,750
$2,750
$5,000
Jan. 1 or when par ticipation begins, if later
Jan. 1 or when par ticipation begins, if later
As they are contributed from your bi-weekly paycheck
When are funds available?
Dates that eligible expenses can be incurred Ways to spend your FSA Dollars Amount that can be carried over to the next plan year
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
$550
$550
n/a
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
Cl ick here to learn more about each type of FSA, the FSA Debit Card, the $550 carryover feature and more!
Impor tant things to know: You can only elect to par ticipate in an FSA during your initial enrol lment period (new associates are el igible the 1st of the month on or after 30 days of employment), during an annual open enrol lment period or fol lowing a Qual i f ying Li fe Event that permits an election to par ticipate between annual open enrol lment periods. After electing to par ticipate in an FSA, you may only change your election fol lowing a Qual i f ying Li fe Event that permits election changes between annual open enrol lment periods. FSA elections don' t carryover from year to year. You must make a new election each year during the annual open enrol lment period. Any remaining funds (up to $550) in your Medical or Limited FSA at the end of the year wi l l automatical ly carry over into the new plan year. If you enrol l in the Cigna Choice Fund HSA Plan in the new plan year and have carryover Medical FSA funds, your carryover funds wi l l be placed into a Limited FSA for reimbursement of el igible dental and vision expenses only.
28
Made with FlippingBook Ebook Creator