LFUCG offers two Flexible Spending Account (FSA) options to help employees save money—General Purpose Medical FSA and the Dependent Care FSA.
To enroll in a General Purpose Medical FSA, employees cannot be enrolled in a HSA1 or HSA2 medical plan or another high deductible medical plan elsewhere.
Employees may enroll in a Dependent Care FSA without being enrolled in a medical plan.
Enrollment is required every year for FSAs. Plan contributions do not roll over year to year.
Chard Snyder has introduced a new benefits card that allows FSA account-holders to access money in their accounts. Learn more about the new Chard Snyder card.
General Purpose Medical FSA
General Purpose Medical FSA allows employees to payroll deduct money tax-free to pay for qualified medical, dental and vision expenses not covered by their insurance plans (expenses such as co-pays, deductibles or coinsurance).
Employees can payroll deduct up to $2,700/each year to be used on expenses incurred during that year. FSA money does not roll over to the following year.
The General Purpose Medical FSA is funded in its entirety at the beginning of the Plan Year.
Dependent Care Account
The Dependent Care Account allows employees to payroll deduct money tax-free to fund the care of children under the age of 13, or a disabled spouse, child or parent. Expenses that can be paid for with this account include daycare, preschool, after school care, summer day camp or elder care.
Employees can payroll deduct up to $5,000/each year (or $2,500 if married, filing separately) to be used for expenses incurred during that year. FSA money does not roll over to the following year.
The funds in this account can only be used as they accumulate.
Grace period for claims
FSA plans include a Grace Period which extends two and half months after the Plan Year ends (March 15), during which time employees can continue to incur claims and use up all amounts remaining in their FSAs. Claims must be submitted no later than 15 days after the end of the Grace Period (March 30). Any funds remaining in the employee’s FSA account after that time will be forfeited.