Health Care Flexible Spending Account
Health Care Flexible Spending Account
A Health Care Flexible Spending Account (HCFSA) helps ease the burden of paying for health care by allowing you to use tax-free money to pay for your family’s eligible medical expenses. After you set an election during your company’s benefits enrollment period, you have access to that full election (all of the money in the account) on the first day of the plan year.
How It Works
You can use the money in a Health Care Flexible Spending Account (HCFSA) for qualified medical expenses. This includes coinsurance and copays, your deductible, dental or vision expenses, and over-the-counter drugs and medicines. Check your Plan Highlights for additional information regarding eligible expenses.
Just like your health insurance premiums, the money for a Health Care Flexible Spending Account (HCFSA) comes out of your paycheck, before taxes. That’s why Health Care Flexible Spending Account (HCFSA)'s (and other accounts like them) are referred to as “pre-tax benefits.”
Your full annual election is available at the start of the plan year.
Unlike Health Savings Accounts (HSAs) or Health Reimbursement Accounts (HRAs), a Health Care Flexible Spending Account (HCFSA) doesn’t have any specific insurance requirements (or restrictions), so most people are eligible to enroll.
You can only enroll in a Health Care Flexible Spending Account if you are not enrolled in medical plan 1. You have until March 31st of the following year to submit any expenses incurred for the previous year. As of April 1, you can carry over up to $550 of your remaining balance; unused funds over $550 will be forfeited. Also your FSA is not portable – the balance will not go with you if you leave Samuel or Retire.
If you are enrolled in a Health Care FSA or a Dependent Care FSA, you can access your account by visiting Pre-Tax Benefit Accounts and Commuter Benefit Plans | Benefit Resource (BRI).
Company Code: samuel
Samuel Son & Co. (USA) Inc. - Participant Welcome Letter.pdf (samuel-benefits.us)