Flexible Spending Accounts (FSAs)
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What Is A FSA?
FSAs allow you to set aside pre-tax dollars to pay for eligible health and dependent care expenses. Each year, you must elect the annual amount you want to contribute to one or both accounts. Your contributions will be deducted pre-tax from your paycheck which can help reduce your taxable income.
FSA Options
General Purpose FSA
Who can enroll: Employees enrolled in the Essential or the Enhanced HSA HDHP option are ineligible - see limited use Healthcare FSA.
What’s covered: Used for you and your eligible dependents’ qualified medical, prescription, dental and vision expenses. Individuals may also use money from pre-tax accounts to purchase over-the-counter drugs and menstrual products.
Annual limit: The annual limit you can elect for this FSA is $3,400.
How it works
- Your full annual election is available on your benefit effective date.
- Use the Flores crebit card or submit claims for reimbursement.
- Keep your receipts in case Flores requests documentation.
Limited Use Healthcare FSA
Who can enroll: Available to employees enrolled in either the Essential or Enhanced HSA HDHP plan option. Same as the General Purpose FSA except the Limited Use FSA can only be used for you and your eligible dependents’ qualified dental and vision expenses, until you have met the HSA medical plan annual deductible. Employees not enrolled in the Essential HSA or Enhanced HSA medical plans. Employees in those HSA plans should see the Limited Purpose FSA.
What’s covered: Eligible medical, prescription, dental, and vision expenses, including many over-the-counter drugs and menstrual products.
Annual limit: The annual limit you can elect for this FSA is $3,400.
How it works:
- Your full annual election is available on your benefit effective date.
- Use the Flores crebit card or submit claims for reimbursement.
- Keep your receipts in case Flores requests documentation.
A list of eligible Healthcare expenses may be found on IRS.gov or you may obtain an abbreviated list from Flores.
Dependent Care FSA
Lets you use pre-tax dollars for eligible daycare expenses so you and your spouse (if married) can work or attend school full-time.
Who can enroll: All eligible employees.
What’s covered: Eligible expenses for children up to age 13 and dependent adults who cannot care for themselves, such as daycare, after-school care, and certain day camps. This is not for dependents’ medical expenses.
Annual limit: $5,000 per household ($2,500 if married filing separately).
How it works:
- You only have access to funds that have been withheld from your paycheck. If you submit receipts for a higher amount, you will automatically be reimbursed as future payroll deductions are deposited into your account.
A list of eligible Dependent Care expenses may be found on IRS.gov or you may obtain an abbreviated list from Flores.
Commuter Benefits FSA (Transit and Parking)
Pre-tax funds for work-related expenses under IRS Section 132(f).
Who can enroll: All employees who commute to or for work.
What’s covered: Public transit, vanpooling, trains, subways, buses, ferries, and qualified parking.
Not eligible: Private taxis and rideshares (unless your plan specifically qualifies them), gas, tolls, mileage, or personal vehicle expenses.
Monthly limits: Up to $340 for transit, and a separate $340 for qualified parking.
How it works:
- Use your Flores debit card or submit for reimbursement.
- Keep your receipts in case Flores requests documentation.
Rules To Keep In Mind
FSAs offer significant tax advantages, but are subject to IRS regulations:
- All expenses for the Health Care and Dependent Care FSAs must be incurred during the plan year: January 1 through December 31.
- The IRS has a strict “Use-It or Lose-It” rule for FSAs. At the end of the calendar year, you may roll over up to $660 of unused Health Care FSA funds. Any remaining funds above this amount will be forfeited.
- Once you enroll in the FSA, you can only change your contribution amount if you experience a qualified life event.
- Each account functions separately. You cannot transfer funds from one FSA to another.
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This website highlights some of your benefit plans. Your actual rights and benefits are governed by the official plan documents. If any discrepancy exists between this communication and the official plan documents, the plan documents will prevail. The company reserves the right to change any benefit plan without notice. Benefits are not a guarantee of employment.
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For information about any of the benefits you see, reach out to benefits@examworks.com
