Health Care Flexible Spending Account
The Employers Resource FSA covers a number of pre-qualified medical expenses, including but not limited to:
- Deductible and coinsurance payments
- Office visit co-pays
- Dental and orthodontia work
- Childbirth classes
- Hearing aids and batteries
- Laser surgery for vision correction
- Infertility and psychiatric services
- Eyeglasses, contact lenses and solution
- Prescriptions and many over-the-counter drugs
Dependent Care Flexible Spending Account
The Employers Resource FSA covers several pre-qualified dependent care expenses, including:
- Before and after school programs
- Nursery or pre-school tuition payments
- Summer day camp costs
- Home daycare by a licensed provider
Important notes about our Dependent FSA program:
- Only the amount deducted to date can be reimbursed
- Dependent care benefits elected under a cafeteria plan offset the federal tax credit for care allowable on a federal tax return.
- Both spouses must work to be eligible for this benefit
Qualifying Life Status Changes
Once participants determine what their pre-tax election will be for the plan year, they cannot change the election unless there is a qualifying “life status change”, including; birth, death, adoption, marriage, divorce and change in a spouse’s employment status.
Unless one of these conditions is met, participants must wait for the next open enrollment period to change their contribution amount.
Use It or Lose It
Under current tax rules, money cannot be carried over from one plan year to the next or refunded. Money not used by the end of the plan year will be forfeited.
This information is intended to be general and informational in nature, and is not intended to provide you with legal, medical, tax, financial planning or other professional advice. Information included is general and may be changed or updated without notice. For individualized tax related information, please consult your tax adviser. In case of a conflict between your plan documents and this information, the plan documents will govern. Please contact Employers Resource for more information about your benefits.
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