Flexible SpendingFlexible Spending Accounts (FSA's) allow an employee the opportunity to put some money aside before taxes to pay for many out-of-pocket medical, dental and vision expenses and dependent child care. There are no carryover amounts for medical reimbursement participants and any unused amounts that you do not spend will be forfeited. The money you elect to set aside in a FSA for a given benefit plan year may only be used for eligible expenses you incur for services received during the benefit period, so it is very important that you plan carefully when deciding how much to allot for your Flexible Spending Accounts.Starting January 01, 2021, the benefits administrator for FSA's is iSolved Benefit Services. For more information regarding your FSA iSolved Benefit Services Account, visit iSolved Benefits. Here you will find guides, videos, frequently asked questions and more.Medical ReimbursementA Medical Reimbursement account may be used to reimburse for expenses incurred for yourself, your spouse and dependent children. Employees may contribute up to $2,850 per plan year in to a Medical Reimbursement account.Eligible medical expenses include deductible and co-insurance amounts under a group health plan, charges that are in excess of the amount reimbursed under a group health plan, and charges that are not covered under a group health plan such as certain corrective surgeries, vision care, dental care and hearing aids.
HSA and FSA benefit rules:
Participants that elect the HDHP AND the HSA are also permitted to enroll in the Limited Purpose FSA.
Participants NOT electing the HSA are permitted to enroll in the general purpose FSA as long as your spouse does not have an HSA with their employer.
General Purpose Flexible Spending Account (FSA) Employer-sponsored reimbursement account primarily funded by salary reductions. Funds are reimbursed to the employee for qualified medical healthcare, dental and/or vision expenses. Over-the-Counter Medicines are now eligible.
Limited Purpose Flexible Spending Account (FSA) Similar to a general purpose FSA but reimbursements can only be used for qualified dental and vision expencesDependent CareA Dependent Care Reimbursement account allows you to pay for dependent care expenses with "pre-tax" dollars. The maximum contribution amount is $5,000 per plan year.Dependent daycare center expenses are eligible if the care is for your dependent under age 13 and for any other qualifying dependent (including adult dependents) who regularly spends at least 8 hours each day in your household.Child support payments and childcare payments qualifying as alimony are not qualified expenses for reimbursement.iSolved Benefit Services 1-866-370-3040