Benefits: Flexible Spending Accounts
Flexible Spending Accounts
FSA Plan Provisions
FSA Reimbursement Forms
Flexible Spending Accounts
Flexible Spending Accounts, (FSAs) offer a convenient and easy way to save money for eligible medical and dependent care expenses. If you're interested, you can participate in either or both of these plans:
- Medical Reimbursement Account, reimburses out-of-pocket health care costs not covered by any other plan. For a list of some prescribed health care expenses that may be eligible for reimbursement through the Medical Reimbursement Account click here. For a list of some over-the-counter expenses that may be eligible for reimbursement, click here.
- Dependent Care Account, reimburses the cost of dependent care necessary for you and your spouse to work or attend school full time.
The only time you may enroll in the FSA plan is during the annual open enrollment period, usually held in late April or early May. To be eligible, you must have 10 months of continuous State of Idaho service as of the July 1 Plan Year start date and be eligible to enroll in the one of the State's medical plans. Elections you make during open enrollment will apply for the entire plan year, starting July 1 and continuing through June 30. Employees who enroll in an FSA must re-enroll in the plan every open enrollment period if they wish to continue participation during the next plan year. For details about the plans, see the FSA plan contract at the Office of Group Insurance web page.
FSA Plan Provisions
When you enroll, you elect how much you want to contribute to each FSA for the coming plan year. Your contributions are deducted from your paychecks on a pre-tax basis and go directly into the elected FSA account(s) under your name. When you incur an eligible expense, first you pay the bill out of your own pocket then you submit a claim for reimbursement. All medical Reimbursement Account claims must be accompanied by the Explanation of Benefits your insurance carriers send you when a claim is processed.
Current contribution limits are as follows:
- Medical Reimbursement Account, maximum of $3,000 per plan year.
- Dependent Care Account, maximum of $5,000 per plan year.
You have until September 30 following the end of the plan year to submit reimbursement claims for eligible expenses.
It's important to keep in mind that the IRS states you must forfeit any money left in your FSA account after the filing deadline. Avoid forfeiting money by realistically and conservatively choosing how much you're likely to need in the coming year.
FSA Reimbursement Forms
To file for reimbursement, complete the FSA Reimbursement form found at Forms. Completed forms are faxed to (864) 527-0729 or mailed to:
Stanley, Hunt, DuPree & Rhine, Inc.
Post Office Box 5035
Greeneville, SC 29606