Flexible Spending Accounts (FSAs)
Using flexible spending accounts is one of the easiest ways to save money. These accounts allow you to use pre-tax dollars to pay for eligible health care and dependent care expenses. As you have eligible expenses throughout the year, you “pay yourself back” from each of your accounts—tax-free. When you pay for eligible expenses with tax-free dollars, you reduce your taxable income and put more money back in your pocket.
You can enroll in one or both of these FSAs:
- Health Care FSA
- Limited Purpose FSA (if you’re enrolled in the Aetna High Deductible PPO with HSA)
- Dependent Care FSA
Omnicell’s FSAs are administered by PayFlex.
How the FSAs work
|Health Care FSA||Limited Purpose FSA||Dependent Care FSA|
|What can I use it for?||
To help pay out-of-pocket health care expenses that your medical, dental, and vision plans don't cover, such as co-pays and deductibles.
If you’re enrolled in the Aetna Open Access Managed Choice – HDHP with HSA, to help pay out-of-pocket health care expenses that your dental, and vision plans don't cover, such as co-pays and deductibles.
To help pay for dependent care provided in or outside your home, such as child (age 12 or under) or elder day care, so that you and your spouse (if married) can work.
|How much can I set aside?||
In 2019, you can contribute up to $2,650 of your pre-tax income annually through convenient payroll deductions.
You can contribute up to $5,000 of your pre-tax income annually through convenient payroll deductions. Be sure to consider any amount you or your spouse may have contributed to another employer's FSA in the same year. You cannot participate in an FSA and also claim the dependent care credit on your personal income tax filing. You may want to seek tax advice regarding participating in the FSA.
|Is there a deadline for spending it?||
You have until March 31 of the following year to submit claims for eligible expenses incurred by December 31. Remaining account balances may roll over up to $500 per year in the Health Care or Limited Purpose FSAs, but any unused funds over that amount will be forfeited. You cannot roll over any amounts in the Dependent Care FSA.
|How do I use it and get reimbursed?||
You will receive a debit card that you can use to pay for eligible expenses.
You can also print a Health Care FSA claim form and submit it, along with your receipts, by fax or mail as instructed.
Print a Dependent Care FSA claim form and submit it, along with your receipts, by fax or mail as instructed.
|Where do I submit claims?||
You can find claim forms and instructions for getting reimbursed on the PayFlex website.
Things to consider
Here are some FSA rules that you may want to consider:
- IRS rules state that health care expenses for domestic partners and their children do not qualify as expenses under the FSAs.
- Don’t overestimate your expenses. You may roll over up to $500 per year in the Health Care or Limited Purpose FSAs, but any unused funds over that amount will be forfeited. You cannot roll over any amounts in the Dependent Care FSA.
- You have to re-enroll for the FSAs each year.
- You can change your annual contributions only if you experience a qualified life event.
- Certain over-the-counter medications and items require a prescription to be reimbursed through the Health Care FSA.