Save money with the Health Care Flexible Spending Account (FSA) by setting aside pre-tax dollars to pay for qualified health care expenses. PayFlex administers the FSA.
Here’s a quick look at the Health Care FSA. For details, review the PayFlex website for eligible expenses and frequently asked questions.
|Eligibility||Regular, full-time employees who are not enrolled in the Stimson medical plan are eligible to contribute to a Health Care FSA.|
|Enrollment||You can enroll during Open Enrollment. You must re-enroll each year to continue participation. New hires can enroll during the initial enrollment period.|
|Contributions to Your Account||
You cannot change your election during the plan year unless you have a qualifying life event.
Expenses incurred between January 1 and December 31 of the plan year, including:
IRS Publication 502 has a complete list of eligible health care expenses.
|Using Your Health Care FSA||
There are several ways to get reimbursed from your Health Care FSA:
PayFlex Card. Swipe your card and select credit or debit to pay for eligible health care expenses.
Submit a Claim. Pay for eligible expenses with cash, check or personal credit card and then submit a claim for reimbursement online or through the PayFlex Mobile™ app. Or, fill out a Flexible Spending Account Claim Form and fax or mail it to PayFlex along with supporting documentation.
Note: For over-the-counter drugs and medications, you’ll need a written prescription from your doctor. After you pay for the prescription, you’ll need to submit a claim for reimbursement from your account.
Request Direct Deposit. To get your reimbursement deposited directly to your bank account, complete and submit the Direct Deposit/EFT Authorization Form.
You have until March 31 to submit claims for expenses incurred during the previous plan year.
|Forfeit of Funds||You forfeit any unused balance in your account after eligible expenses have been reimbursed.|
Qualifying Life Event
A qualifying life event includes marriage or divorce, addition or loss of a dependent, loss or gain of coverage under another qualified benefit plan, death of a dependent.
Eligible dependents include your spouse/domestic partner, as defined by state law, your biological and stepchildren, up to age 26 (unless disabled and approved to be covered on the plan as an adult dependent), and your legally adopted children and children placed with you in the process of adoption.