Flex Spending Accounts
Participating in a Flexible Spending Account (FSA) offers you a unique way to pay for some of your health care and dependent care expenses by reducing your base salary without paying income taxes on that amount.
- If you elect to participate in an FSA, you can't change or cancel your election until the next Annual Enrollment unless you have a family status change.
- You may elect to participate in an FSA as a new hire, during Annual Enrollment or due to a family status change consistent with enrollment.
- Claims incurred during the year (Jan 1 - Dec 31) must be submitted no later than March 31st the following year.
There are two Flexible Spending Accounts to choose from and you may be able to utilize the benefits from both.
Health Care Spending Account
A Health Care Spending Account allows you to set aside up to $2,650 of pre-tax dollars through payroll deduction to help pay for out of pocket medical expenses. These expenses may include – co-pays, deductibles, glasses, orthodontics, etc. In which a portion of or all of the expense is not covered by insurance.
These expenses must be incurred within the plan year of participation, January 1st - December 31st. If you are unable to present eligible out of pocket claims for reimbursement and have a balance remaining in your account at the end of the year, you will be able to roll over up to $500 to use towards the following year's out of pocket expenses. Any balance above $500 will be forfeited.
An FSA debit card is available to allow you to pay your out of pocket expenses at time of service instead of waiting for reimbursement. You should still retain all receipts in case verification is needed.
Dependent Care Spending Account
A Dependent Care Spending Account allows you to set aside up to $2,550 pre-tax dollars, or up to $5,000 if you are married filing a joint tax return, through payroll deduction to help pay for eligible dependent child day care or disabled care expenses.
There is no balance roll over provision with a Dependent Care Spending Account as these expenses are identified in advance through your dependent care provider.
Health Care Expenses Eligible for Reimbursement
There are many health, vision, and dental expenses that you pay yourself for you, your spouse, or dependents which are eligible for reimbursement through the Manatee YourChoice account.
Qualifying expenses are health care expenses incurred during the Plan Year which are considered tax deductible by the IRS, such as:
- Routine physical exams;
- Deductibles and co-payments not paid by insurance;
- Amounts in excess of insurance coverage (e.g., orthodontia);
- Routine eye exams, prescription glasses or contact lenses; and
- Hearing exams and hearing aids.
Dependent Care Expenses Eligible for Reimbursement
If you meet the eligibility requirements, you may be able to use the Manatee YourChoice Dependent Care Spending Account to reimburse your out-ofpocket expenses for the care of:
- Your child(ren) under age 13, whom you claim as a dependent for tax purposes; or
- Spouse and dependents of any age (who normally spend at least eight hours in your home each day if the services are rendered outside the home) who are mentally or physically disabled.
These expenses include charges for such things as:
- Day care facilities for children, generally the provider must meet all licensing requirements.
- Licensed day care centers for disabled dependents