Flexible Spending Account in Flexible Spending Accounts / Flexible Spending Account
Flexible Spending Accounts.
You have two Flexible Spending Accounts (FSAs) in which you can participate. You can enroll in one or both accounts each year. Keep in mind, if you elect medical coverage under the Blue Plan, you cannot fund a Healthcare FSA since you’ll have a Health Savings Account.
How FSAs work.
1. Contribute to a Healthcare FSA and/or Dependent Care FSA.
2. Use your contributions during the year to pay eligible expenses for yourself and dependents listed on your tax returns.
3. Get reimbursed for expenses.
Eligible Healthcare FSA expenses.
- Fees such as deductibles, copays, coinsurance, prescriptions and charges that exceed plan limits.
- Services such as chiropractor visits, hearing exams, orthodontia, laser eye surgery and physical therapy.
2019 Healthcare FSA limits.
You can contribute annually up to $2,700 to your Healthcare FSA (min. $100).
Carry over up to $500 of your Healthcare FSA balance from 2018.
You can carry forward up to $500 in your Healthcare FSA to be used toward 2019 expenses.
Eligible Dependent Care FSA expenses.
Eligible expenses for a Dependent Care FSA include day care expenses for your children under age 13 and for your mentally or physically disabled dependents of any age so you can work or attend school full-time, including:
- Babysitters or companions, including relatives over age 19 whom you do not claim as tax exemptions who care for your dependents.
- Education expenses, such as nursery school or pre-kindergarten, for children not yet in kindergarten.
- Day camp expenses.
2019 Dependent Care FSA limits.
You can contribute annually up to $5,000 (min. $100) or $2,500, if married and filing taxes separately.
Use your Dependent Care FSA funds by December 31, 2019.
IMPORTANT: If you don’t spend all the money in your Dependent Care FSA by December 31, 2019, any remaining balance will be forfeited. You have until March 31, 2020, to submit claims for eligible expenses incurred in 2019.