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Flexible Spending Accounts (Healthcare)



Flexible Spending Accounts (FSAs) can help you and your eligible dependents save money on eligible healthcare expenses by putting aside pre-tax income to pay these costs.

The healthcare FSA covers eligible medical, dental and vision costs that are not covered by your health plan. Examples of reimbursable expenses include deductibles, copays for office visits and prescription drugs, and coinsurance. Premiums are not eligible healthcare expenses. You may elect to deduct up to an annual maximum of $2,650 for your Healthcare FSA, and you may submit reimbursement requests for up to your full annual election before you have completed all of your payroll deductions.

Read more: Common FSA-eligible expenses

If you have not used all of your FSA funds by the end of the year, you may carry over up to $500 into the next year, provided you are a Port employee on January 1 of the next year. These rolled over funds do not count against that year's annual contribution maximum. More details about FSA Carryover are below.

Note—beginning the end of 2018, you must have a minimum of $45 remaining in your account at year-end for carryover to occur.

Eligible employees may sign up for an FSA during open enrollment in the fall. Employees new to the port have 30 days to enroll in a FSA for the current year.

Click on each heading below to learn more about FSAs. More information about the difference between a healthcare FSA and a dependent care FSA, including frequently asked questions, is available on the PayFlex website.

Who May Participate in an FSA
Any current, regular port employee may participate in an FSA. This includes those who are not eligible for port-sponsored healthcare coverage, such as represented employees covered under other plans. You must enroll/re-enroll annually during open enrollment.

Please note that if you enroll in the port-sponsored Aetna High Deductible Health Plan (HDHP) and elect to have a Health Savings Account (HSA), you will be ineligible to enroll in a general-purpose healthcare FSA. Instead, you may enroll in a limited-purpose FSA. Additionally, any 2017 healthcare FSA balance that is carried over to 2018, will be deposited into a limited-purpose FSA if you enroll in the HDHP.
Limited-Purpose FSA
Employees enrolled in the Aetna HDHP who contribute to an HSA are not eligible for a general-purpose healthcare FSA. Instead, you may enroll in what is known as a limited-purpose FSA. Because both the HSA and the FSA are tax-advantaged plans, there are some rules. You may only use your limited FSA for eligible vision and dental costs until you meet your health plan deductible. After you meet your deductible you then may use your FSA dollars to pay for other eligible healthcare costs.
FSA Carryover Rule
If you have not used all of your FSA funds by the end of the year, you may carry over a minimum of $45 and a maximum of $500 into the next year, provided you are a Port employee on January 1 of the next year. These rolled over funds do not count against that year's annual contribution maximum. However, you will still need to carefully estimate your qualifying medical expenses to minimize the possibility that you will lose any of your contributions. Here are some other important facts to keep in mind:
  • The carryover applies only to healthcare FSAs, not dependent care FSAs.
  • Funds carried over do not reduce the $2,650 annual contribution limit
  • Carried-over funds are available immediately and all throughout the year.
Any unused funds above $500 when the deadline for submitting prior year expenses will still be forfeited.

Read More: FSA Carryover FAQ
A Word of Caution
To avoid complications down the road, as you proceed through the open enrollment process, if you are only enrolling in one type of FSA, please double check your enrollment to be sure you enroll in the appropriate account. A healthcare FSA is used to reimburse medical, dental and vision expenses for you and your dependents. A dependent care FSA is used to reimburse child day care or adult day care expenses. You should also ensure that you have a qualified dependent before enrolling in the Dependent Care FSA. More details are available on the Dependent Care FSA page.
Payroll Deductions
The amount you elect for an FSA will be evenly deducted from the first two paychecks of every month before federal income and Social Security taxes are taken. The money will be deposited into an account administered by PayFlex, from which you are reimbursed when you submit a claim.
Reimbursement Process

You may submit your reimbursement request online, via email, or in hard copy.

If you currently have a PayFlex debit card, you can continue to use it next year, so do not throw it away.

If you are enrolling for the first time, you automatically will be issued one debit card by PayFlex in mid-January at no cost for immediate payment of eligible healthcare costs. However, you will still need to submit receipts for some items to support debit card use, so be sure to have them available.


 1-844-729-3539
www.payflex.com

 

 

FSA CARRY OVER RULE

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