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HealthCare Accounts

FSA (Flexible Savings Account)

An FSA is an account your employer sets up so you can pay for a variety of healthcare needs, including insurance co-pays, deductibles, specific over-the-counter healthcare products, and dental and vision care costs.

FSA's are a great way for you to take advantage of a pre-tax benefit account offered through your employer.  These accounts are a simple way for you to save on out-of-pocket eligible healthcare costs not covered by your insurance plan. With healthcare costs continuing to rise, why wouldn't you participate in an FSA?

 

You may not submit an expense for reimbursement that is eligible to be covered, paid for, or reimbursed from any other source.

 

Although your FSA will be funded with your pre-tax payroll deductions, you'll have access to your entire FSA elected amount on the first day of your plan.  That means you can cover your healthcare cost without waiting to accumulate funds throughout the plan year.

 

FSA - How it works

Your FSA is accessed by using your Swipe-N-Save card to pay for eligible healthcare expenses virtually everywhere MasterCard is accepted.

The Swipe-N-Save card makes using your FSA dollars simple and easy.  The card deducts each payment directly from your FSA account, so it is as convenient as using an ordinary debit card.  You must save your detailed receipts for all your FSA purchases in the event they are requested by your plan administrator.

In many cases you won't have to send in a receipt, as many of your purchases will be auto substantiated at thousands of retail locations nationwide.  Retailers have an Inventory Information Approval System (IIAS) in place, these retailers will determine instantly which items are FSA eligible. You will be asked for another form of payment for the non-eligible items.

For optimal convenience your Swipe-N-Save card offers 24/7/365 online/mobile access to check your account balance.

 

DCA (Dependent Care Account)

Dependent Care Account lets you use pre-tax dollars to pay for eligible expenses related to care for your child, disabled spouse, elderly parent, or other dependent who is physically or mentally incapable of self-care, so you and your spouse can work.

 

How Much You Can Contribute?
The minimum and maximum amounts you can contribute to the Dependent Care Account are set by your employer, although the maximum allowed by the IRS is $5,000 a year for individuals or married couples filing jointly, or $2,500 for a married person filing separately. Please note: married couples have a combined $5,000 limit, even if each has access to a separate FSA through his or her employer.

 

Unlike Health Care FSAs, with DCAs you can only be reimbursed for expenses that fall within your current account balance, therefore you may have to wait until the account balance builds to sufficiently cover a large claim early in the year.

   

Eligibility Rules for Dependent Care Accounts
Your qualified dependents for a Dependent Care Account may include:

  • Your child(ren) under age 13.
  • Dependents of any age who are mentally or physically incapable of caring for themselves, and whom you claim as a dependent on your federal income tax return.
  • An adult may qualify as your dependent if you provide more than half that person’s maintenance costs during the year.

 

Expenses that are NOT eligible for Dependent Care Account payment include:

  • Baby-sitter in or out of your home for reasons other than to enable you to work.
  • Food, clothing, and entertainment.
  • Child support payments.
  • Activity fees and educational supplies.
  • Overnight camp/Sleep away camp.
  • Cleaning and cooking services not provided by a caregiver.
  • Late Payment Fees.
  • You may not submit an expense for reimbursement that is eligible to be covered, paid for, or reimbursed from any other source.

 

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