Flexible Spending Accounts
Are your out-of-pocket prescription costs adding up?
Do your children need braces?
Do you have a child in day care?
We have just the plan for you!
There are two Flexible Spending Accounts:
How FSAs Work
Flexible Spending Accounts allow you to set aside dollars from your salary, before paying taxes, to pay for certain out-of-pocket health and dependent care expenses. Tax savings result because you do not have to pay income or FICA taxes on the amount withheld from your paycheck or the reimbursement amount. You choose the amount to be deducted from your gross pay by projecting your health care and dependent care expenses for the Plan Year.
Through automatic payroll deductions, this amount is deposited into your flexible spending account. To pay for qualified expenses, either swipe your PhysiciansCare (ASR) benefits card or submit the FSA claims form along with receipts to the plan administrator, PhysiciansCare, who will process your claim and send you a check by U.S. mail.
FSAs start at the beginning of the benefit plan year. For new employees, FSAs start at eligibility date for benefits. Current Flexible Spending Account contributions do not carry over to the new benefit plan year. In order to have a Flexible Spending Account for the new benefit plan year, you must enroll during the Open Enrollment period.
Note: It is wise to figure your FSA contributions conservatively. Any money remaining in your Flexible Spending Account(s) at the end of the year must, by law, be forfeited. Use it or lose it!
You can get more information regarding Flexible Spending Accounts on the Flexible Spending Accounts information page.
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