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Flexible Spending Accounts
Flexible Spending Account (FSA)
Plan Highlights
FSA’s provide you with an important tax advantage that can help you pay healthcare and dependent care
expenses on a pre-tax basis. You may set aside part of your income in advance to pay for certain medical
expenses or dependent care expenses. The contributions you make to a FSA are not subject to federal and
state income or FICA taxes. By anticipating your family’s healthcare and dependent care costs for the year,
you can actually lower your taxable income.
If you enroll in an FSA account and the HDHP medical plan you may use FSA funds to pay out of pocket
expenses not covered by the HRA.
The TASC Debit Card provides easy access to your FSA funds.
It can be used at:
Health care provider’s office
Hospital
Pharmacy
Health Care FSA - $500 Rollover
Carryover of up to $500 of your unused FSA funds to the new plan year
“Use it or lose it” rule still applies for balances over $500
Cannot rollover unused Dependent Care funds
Rollover amount will be applied to your account after the claims run out period
Plan Features
Health Care FSA
Dependent Care FSA
Annual
Contribution Limits
Maximum of $1,500 (excludes any funds
that may be rolled over)
Max of $5,000 ($2,500 if married, filing
separately)
Expenses Covered
Out of pocket expenses, such as:
Deductibles and copays
Prescription copays
Qualified over the counter
expenses*
Dental/orthodontia fees
Vision/Eyecare expenses
Certain expenses not covered by
an insurance plan
Day care or home care for a child under
age 13 or elder adult, such as:
Day care
Nursery school or preschool
Summer day camp
When Eligible
Expenses Must be
Incurred
July 1, 2016- June 30, 2017
July 1, 2016- June 30, 2017
Claims Submission
During plan year, but no later than 90
days from June 30, 2017
During plan year, but no later than 90
days from June 30, 2017
*Important Note – Claims for over the counter medications require a prescription from your
physician in order to qualify as an eligible expense for the Healthcare FSA.