FSA
FSA Plans
Effective Date: 07/01/2023 – 6/30/2024
A Flexible Spending Account (FSA) Plan allows eligible employees to pay for certain IRS qualified expenses using pre-tax dollars. You may elect to participate in one or both of the following FSA programs:
Health Care FSA (HFSA), which allows you to pay for eligible medical, dental, vision and alternative healthcare expenses, to the extent they are not covered by any other health benefit plan, using pre-tax dollars. The maximum contribution to a HFSA is $3,050 per calendar year. The IRS allows FSA a grace period of two and one-half months after the end of the plan year, during which time participants may incur and submit claims for reimbursement against their prior year account balances. During this two and one-half month grace period, participants can draw from either the prior year’s balance, the current year’s balance or both (e.g., If you have a $200 balance at the end of one plan year and you incur $300 of expenses during the grace period, $200 will be paid from the prior year’s account balance and $100 will be paid from the current year’s balance.).
Dependent Day Care FSA (DFSA), which allows you to pay for eligible day care expenses for dependent children under the age of 13 and for dependent, disabled adults. The maximum contribution to a DFSA is $5,000 per calendar year ($2,500 if you are married and filing separately). The IRS allows Dependent Day Care Plans a grace period of two and one-half months after the end of the plan year, during which time participants may incur and submit claims for reimbursement against their prior year account balances. During this two and one-half month grace period, participants can draw from either the prior year’s balance, the current year’s balance or both (e.g., If you have a $200 balance at the end of one plan year and you incur $300 of expenses during the grace period, $200 will be paid from the prior year’s account balance and $100 will be paid from the current year’s balance.).
To view your claims, elections and balances, click on Claims Connection and log into your account.
Please review your FSA Summary.
Click here for a list examples of eligible & ineligible HFSA expenses.
Please refer to your policy or plan document for more specific information about your coverage, or contact a Benemax Independent Member Advocate at 800-528-1530, prompt 3 or at service@benemax.com.