How may I use a flexible spending account (FSA) to offset costs for orthodontic services?
With an FSA, you can set aside up to $2,650 (annual deduction limitation per employee) a year pre-tax to pay for out-of-pocket medical expenses, including orthodontic care. If you spread the treatment plan over two years, you could use up to $5,300 in FSA funds to cover the orthodontic bills. The tax savings could cover...Read more
What are the risks of participating in a health care or dependent care FSA?
FSA dollars are “use-it-or-lose-it” funds. Account balances greater than $500 cannot be carried over from year to year. If you have any unused funds exceeding $500 at the end of the plan year (end of the grace period), those funds will be forfeited per IRS requirements.Read more
Is there a cost to participate in the FSA?
You pay a small administration fee of $3.25 per month to participate in either one or both (health and/or dependent care) flexible spending accounts.Read more
What is a Dependent Care Flexible Spending Account (Dependent Care FSA)?
A dependent care FSA provides a way to pay dependent care expenses and lower your taxable income. You direct part of your before-tax pay into a special account to pay work-related dependent care costs. You can use your account throughout the year to help pay for eligible expenses. Your expense must be for the purpose...Read more
What is a Limited Purpose Flexible Spending Account (Limited Purpose FSA)?
The Limited Purpose FSA is a tax-advantaged account that allows employees to set aside a portion of earnings to pay for out-of-pocket dental and vision expenses. Employees who contribute to an HSA may also elect the Limited Purpose FSA. For more information, contact HealthSCOPE Benefits at 1-888-763-8232.Read more
What is a Medical Flexible Spending Account (Medical FSA)?
The Medical FSA is a tax-advantaged account that allows employees to set aside a portion of earnings to pay for qualified health care expenses that are not paid by insurance (i.e. copayments, deductibles, and coinsurance). An FSA may also be used to pay for things like prescription eyeglasses and Lasik surgery. Generally, allowable items are the...Read more
What is the FSA? Does it have anything to do with the HSA or HRA?
The HealthCare FSA is a tax-free account that allows a person to pay for essential health care expenses that are not covered or are partially covered by your medical, pharmacy, dental and vision plans. For more information regarding the FSA contact HealthSCOPE Benefits at 1-888-763-8232, press 2 then press “#” then press 3#. The FSA...Read more
If my spouse has a Medical Flexible Spending Account, am I eligible to contribute to an HSA?
No. If your spouse has a Medical Flexible Spending Account you are disqualified from establishing and/or contributing to an HSA.Read more