Payroll and Benefits » FSA (Health) and DCSA (Dependent Care) Information/Form

FSA (Health) and DCSA (Dependent Care) Information/Form

FSA & DCSA OFFERING
 
AlixPlus
877-872-2125 info@myaxisplus.com www.myaxisplus.com

This is an annual election that you must enroll in annually.

A Flexible Spending Account (FSA) is an IRS approved benefit that allows you to set aside money on a TAX FREE basis to pay for unreimbursed healthcare or dependent care expenses. There are two types of FSAs.

Healthcare FSA allows you to use pre-tax dollars for out-of-pocket medical, dental and vision expenses. You can use your Health FSA dollars to pay for qualified medical, prescription drug, dental and vision expenses. For 2019, the minimum annual contribution is $300 and the maximum contribution is $2,650.

Dependent Care FSA (DCSA) allows you to use pre-tax dollars to pay for child, adult or disabled dependent day care services so you can work. For 2019, the minimum annual contribution is $500 and the maximum contribution is $5,000.

You can enroll in both FSAs, but you cannot use funds in one to pay for expenses in the other. Pre-tax contributions are deducted from your pay in equal amounts throughout the

More About the Healthcare FSA
 
To participate, you simply need to complete the online enrollment form and determine your annual election. Once enrolled in the FSA, you and all of your tax dependents are automatically included.

You will have a convenient mySource debit card to use for qualified healthcare expenses for you and your eligible dependents. The debit card is linked to your FSA. You may also submit claims via our paper claim form, online claim form, or mobile app called myRSC.

At any time during the year you have a qualifying expense, you can use your entire Healthcare FSA annual election.

How does Your FSA Plan Work?

Your FSA runs Jan. 1st thru Dec. 31st. Any eligible purchases you make during the plan year are reimbursable. You have until approximately March 31, 2020, to request reimbursement for expenses incurred in the plan year beginning on Jan. 1, 2019. This is your run out period.

Important: Your FSA benefit does have a 75 day Grace Period at the end of the plan year. This will allow you to incur new expenses up thru 3/15 and use any remaining funds from the previous plan year. Any unused funds will be forfeited. This is due to the IRS “use it or lose it” rule.

IMPORTANT – SAVE YOUR RECEIPTS AND EXPLANATION OF BENEFIT STATEMENTS (EOBs)

When using your mySource, debit card, it is important that you save all of your receipts for medical, Rx, dental, and vision-related expenses that you pay for with your card. While many expenses will “auto-substantiate” when you swipe your debit card, many don’t based upon provider related data supplied. Federal regulations require that every claim is substantiated, so watch for emails that will indicate if supporting documentation needs to be submitted.

This benefit will be available to all employees that are entitled to health coverage ONLY.