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How the Accounts Work
- Estimate how much you will need to set aside in an FSA to cover your health care or dependent care expenses. Generally, you can set aside between $130 and $5,000 a year in an FSA.
- The amount you choose is deducted from each pay. For example, if you decide to set aside $650 for the entire calendar year and you are paid bi-weekly, $25 will be deducted from each paycheck on a pre-tax basis.
- You use your account toward eligible expenses you have during the plan year.
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For the health care FSA, you have a choice of automatic reimbursement or a debit card to pay expenses. You make this choice when you enroll in the account.
- For a dependent care FSA, you file claims for reimbursement of eligible expenses.
- To learn more about auto reimbursement, click here.
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- To be eligible for reimbursement, the expense must be incurred on or before December 31.
- Carefully estimate the amount you will set aside in an FSA. According to IRS guidelines, any money left in an FSA on December 31 will be forfeited.
- You must submit claims for reimbursement no later than March 31 of the following year.
Retain all itemized receipts and documentation. CONEXIS or UH may request that you submit your receipts to prove expenses are eligible. If you do not submit documentation when requested, the expense may be designated as ineligible and you will have to repay the amount to the plan.
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