![]() New and newly eligible employees who wish to enroll in this program must do so within 60 days after they become eligible, but before October 1 of the calendar year.įor further information, visit or call 1-87. Enrollment does NOT carry forward year to year. Both a healthcare flexible spending account and a health savings account can cut your taxes and help you save money on medical, dental, vision and other qualified medical expenses. Expenses covered under Limited FSA eligible expenses, until the account converts into a Medical FSA. Current enrollees must remember to enroll each year to continue participating in FSAFEDS. The Internal Revenue Service (IRS) determines what are considered eligible expenses for all Flexible Spending Accounts. Open Season enrollments are effective January 1 of the following year. How do I get started?Įligible employees can enroll in FSAFEDS each year during the Federal Benefits Open Season (the November/December timeframe). That means you get $2,000 worth of health care purchasing power PLUS pay about $600 LESS in Federal taxes. ![]() The average tax savings for a person earning $50,000 who contributes $2,000 into an FSA account is approximately $600. You may use your Health Care FSA to reimburse qualified out-of-pocket medical, dental, prescription, or vision expenses. The money contributed to your FSAFEDS account is set aside before taxes are deducted, so in most cases you save about 30% on your Federal taxes. The minimum election for all accounts is just $100 and carryover has been adopted for health care and limited expense health care FSAs. This account allows you to set aside money to pay for your day care expenses. Think of it as a savings account that helps you pay for items that typically aren’t covered by your FEHB Plan, the Federal Employees Dental and Vision Insurance Program, or other health insurance coverage.įSAFEDS also offers an account for families with young children or elder care expenses – the Dependent Care FSA. If you have a health plan through an employer, a flexible spending account (FSA) is a tool offered by many employers as part of their overall benefits package. Its a smart, simple way to save money while keeping you and your family healthy and protected. ![]() If you're an employee who works for an Executive branch agency or an agency that has adopted the Federal Flexible Benefits Plan ("FedFlex"), you can elect to participate in the Federal Flexible Spending Account Program (FSAFEDS).įSAFEDS allows you to save money for health care expenses with a Health Care or Limited Expense Health Care FSA. A Health Care FSA (HCFSA) is a pre-tax benefit account thats used to pay for eligible medical, dental, and vision care expenses - those not covered by your health care plan or elsewhere. Federal Employees Receiving Premium Conversion Tax Benefits If youre enrolled in an HSA-qualified high-deductible health plan and have a Health Savings Account (HSA), you can increase your savings with a Limited Expense Health Care FSA (LEX HCFSA).Coordination of Medicare and FEHB Benefits.
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