An FSA is a Flexible Spending Account that allows you to set aside money on a pre-tax basis to pay for eligible healthcare and/or dependent care expenses. This means that you could save approximately $.30 on every dollar you contribute! The amount that you choose to contribute is taken out of your paycheck in equal amounts each pay period, making it easy to save for out-of-pocket expenses. WireCo’s vendor of choice is PayFlex. Visit their site by clicking here PayFlex.
Annual Limit 2021
Frequently Asked Questions
Below are answers to the most frequently asked questions regarding Flexible Spending Accounts.
What is a Flexible Spending Account?
A Flexible Spending Account (FSA) is a tax-free method for you to pay out of pocket eligible medical, dental and vision expenses, as well as eligible child care expenses. You can elect up to $2,750.00 for the Health FSA and up to $5,000.00 for the Dependent Care FSA. WireCo will deduct the amount you elect on a pre-tax basis over the number of pay periods during the plan year.
The Health FSA provides you access to your annual election on the first day of the Plan Year, which begins January 1st of each year. You may withdraw more from the account than you have contributed, but never more than you elect. The Dependent Care FSA works like a bank account. You may only receive a reimbursement for as much as you have contributed at any time during the Plan Year.
What expenses are eligible under the Health FSA?
- Insurance co-pays, co-insurance and deductible expenses
- Vision expenses, including Lasik surgery
- Eligible Over the counter items:
- Contact Lens Solution
- Band Aids
- Over the counter items that require a physician’s prescription:
- Allergy Medicines
- Stomach Upset Relievers
- Pain Relievers
- Cold Medicines
- Antibiotic Ointments & Creams
- Orthodontia & non-cosmetic dental procedures
- For a complete listing of eligible expenses please visit www.discoveyrbenefits.com
How do I receive my Health FSA dollars?
You may request reimbursement for eligible expenses by submitting a FSA Claim Form and include receipts or Explanation of Benefits from your insurance provider or you may use the Health FSA Debit Card to pay for eligible expenses. If you choose to submit a claim for reimbursement, you will receive your payment in the form of a live check mailed to your home address or the payment will be deposited directly into your bank account if your pay check is received via direct deposit.
A claim form is available on the PayFlex website for manual claim submission.
What expenses are eligible under the Dependent Care FSA?
The Dependent Care FSA program works on a cash in, cash out basis (similar to a bank account) to pay for out of pocket expenses for the care of your children to up to 13 years old, a disabled spouse or dependent.
You and your spouse must be gainfully employed, actively looking for work or your spouse can be a full time student to qualify for this plan. Single parents are also eligible. There are special rules for divorced parents, so please review tax laws to be sure you qualify if you are divorced.
You will only be reimbursed for the expenses incurred up to the amount you have contributed at the time of your claim.
The maximum that a family can contribute during a calendar year is $5,000. This is a federal maximum that is not controlled by your employer or PayFlex.
Some eligible Dependent Care expenses:
- Day care provided in or outside the home
- Summer Day camps (not overnight)
- After school care
- Private preschool, custodial in nature
How do I receive my Dependent Care FSA dollars?
You may request reimbursement for eligible expenses by submitting a FSA Claim Form and include receipts from your day care provider. You will receive your payment in the form of a live check mailed to your home address or the payment will be deposited directly into your bank account if your pay check is received via direct deposit.
How do I submit my receipts?
You may a claim online at www.payflex.com
What types of receipts are accepted?
Proper receipt documentation for the Health FSA is defined as an itemized statement from a third party provider that includes date of service, service rendered or item purchased and the amount owed to the provider. For the Dependent Care FSA, the receipt should include the signature of the provider and the age of the dependent(s).
- Itemized statement from provider detailing date and type of service rendered
- Detailed receipt from pharmacy with date included
- Explanation of benefits from insurance provider
What concerns should I know about?
Your elections will remain in effect for the entire plan year and cannot be changed unless you have a qualifying event such as a birth of a child or a marriage. These accounts operate on a “USE OR LOSE” basis. Once you sign up for the plan, the dollars that are deducted pre-tax will remain in the designated accounts until you file claims for reimbursement.
Claims must be submitted by 03/31/21 for expenses incurred in 2020 to avoid plan forfeitures.You are able to rollover up $550 in unused funds into the net plan year. Any unused funds over the 550 will be forfeited.
Additional Helpful Information
Our FSA Administrator is PayFlex. Please visit their website: www.payflex.com to view your account balance information.