- Why should I participate in a FSA when I already have health insurance?
- Is there a tax-advantage for participating in an FSA?
- Can I enroll in my company's FSA even if I am not on their health plan?
- Can I change my contributions during the plan year?
- Can I only submit claims for eligible expenses incurred for myself?
- How do I get reimbursed for my expenses?
- How often are my claims processed?
- How do I know if you have processed my claim?
- How do I know how much is available in my account?
- To make a claim, do I have to wait for the money to be deposited in my account?
- What happens to my account if I terminate my employment?
- What if I don't use all of my account balance by the end of the plan year?
Q: Why should I participate in a FSA when I already have health insurance?
A: You can use this account to reimburse yourself for expenses that are not covered by your insurance. For example, your plan may not cover eye-exams, glasses, orthodontics, so you can pay for these expenses pre-tax through the FSA.
Q: Is there a tax-advantage for participating in an FSA?
A: Yes, the contributions into a FSA come out of your paycheck "pre-tax". This means that these dollars are not subject to Federal, State or FICA taxes.
Q: Can I enroll in my company's FSA even if I am not on their health plan?
A: Yes, you may still participate as long as you have met the eligibility as set out in your plan's documents.
Q: Can I change my contributions during the plan year?
A: Only if you have a change in status. A change in status would be one of the following events:
- Birth or Adoption of a child
- Divorce, Legal Separation or annulment
- Death of Spouse and/or dependent
- Termination of employment by employee
- Termination or commencement of employment by your spouse or your dependent
- You or your spouse take an unpaid leave of absence
- You, your spouse or dependent are switching from part-time to full-time (or vice-versa)
- A significant change in your family's health coverage attributable to your spouse's employment
- Dependent ceases to satisfy the requirements for unmarried dependents due to the attainment of age, student status or any similar circumstances as provided under the accident or health plan under which the employee receives coverage
- A change in the place of residence or worksite of the employee, spouse or dependent
Q: Can I only submit claims for eligible expenses incurred for myself?
A: No, you can submit claims for eligible expenses for yourself, your spouse and your dependents.
Q: How do I get reimbursed for my expenses?
A: You must complete a claim form (which is available on this web-site or from your Plan Administrator). Once the claim form is completed and all supporting documentation is attached, mail or fax your form to our office and your claim will be processed. Be sure to sign and date your form!
Q: How often are my claims processed?
A: Claims are processed weekly on Wednesdays. Claims must be received by our office by noon on Tuesdays.
Q: How do I know if you have processed my claim?
A: You can check the status of paid claims on www.myflexonline.com or you can always call our office.
Q: How do I know how much is available in my account?
A: Each time you receive a reimbursement, the check stub will show the amount you have set aside as well as the amount you have been paid to date. You can also check your account balance on www.myflexonline.com or call our office and we would be glad to provide you with this information.
Q: To make a claim, do I have to wait for the money to be deposited in my account?
A: The amount you set aside each year for the FSA is available to you at any time throughout the plan year. The amount available to you from your Dependent Care Account is the amount you have contributed to date.
Q: What happens to my account if I terminate my employment?
A: You will be able to request reimbursement for healthcare and dependent care expenses that you incurred prior to your termination date.
Q: What if I don't use all of my account balance by the end of the plan year?
A: It is important to carefully estimate your expenses for the year in an FSA. Generally after the end of the plan year a plan has a "grace period" in which you can still submit claims for the prior plan year. If after the grace period you still have money in your account, it will be forfeited.