• Flexible Spending Account (FSA)

     
    iSolved logoFlexible Spending Accounts (FSAs) enable employees to allocate pre-tax funds for various out-of-pocket medical, dental, vision expenses, and dependent child care. For medical reimbursement participants, there are no carryover amounts, and any unused funds are forfeited.  Funds allocated to an FSA can only be used for eligible expenses incurred during the benefits period, so it is important that you plan carefully when deciding how much to allot for your FSA. 
     
    The current FSA administrator is iSolved Benefit Services. For more information regarding your FSA account, visit iSolved Benefits. Here you will find guides, videos, frequently asked questions, and more. 
     
    FSA limits are adjusted annually, and participants will contribute via payroll deduction. These contributions are exempt from federal income tax, Social Security and Medicare tax. 
      

    General Purpose FSA - may be reimbursed for eligible health care expenses not covered by your medical, dental, and vision insurance. 

    Limited Purpose FSA - this option is for employees enrolled in a Health Savings Account (HSA) eligible plan (HDHP).  Funds may be used for qualified dental and vision expenses.

    Dependent Care FSA – can be used to pay for qualified child care for a dependent under the age of 13.  Additionally, it can be used to compensate caregivers for disabled family members who regularly spend at least eight hours daily in your household and are unable to care for themselves. The maximum contribution amount is $5,000 per plan year and $2,500 if married and filing separately. 

    HSA and FSA benefit rules:

    • Participants NOT electing an HSA are permitted to enroll in the general purpose FSA as long as their spouse does not have an HSA with their employer.
    • Participants who are enrolled in the HDHP AND have an HSA are also permitted to enroll in the Limited Purpose FSA to cover dental and vision expenses.
     
     
     
    iSolved Benefit Services 1-866-370-3040