Warriors for Hope Blog

Everything You Need to Know About Your Health FSA Plan

by Tonya Draughon | Jul 19, 2018

Young african-american doctor making notes at the medical meeting-1Health FSA's are designated for your out-of-pocket medical, dental, vision and hearing expenses.  You and your dependents do not have to be covered under CleanSlate’s medical plan for you to be eligible to participate in the Health FSA plan for your family’s out-of-pocket health care expenses.

Why enroll in an FSA?

  • Easily budget for the cost of health care expenses.
  • Think of the Health FSA as an interest free loan; you get the full amount of money up front; and then an equal amount comes out of each paycheck all year.
  • Give yourself a raise! Increase your spendable income by reducing the amount you pay in taxes. Our participants save approximately $27 in taxes for every $100 they set aside in an FSA.

If you are spending money on health care expenses such as:  Copays • Coinsurance • Deductibles • Dental Work • Eye Glasses and Contact Lenses • Orthodontia • Other medical, dental, vision and hearing products and services...

Then you can benefit from an FSA!

How does it work?

  1. Determine how much you spend annually on health care up to a maximum of $2,650
  2. CleanSlate divides your annual election by the number of pay periods in the plan year.  This amount is payroll deducted each pay period on a pre-tax basis throughout the year.
  3. Access the full amount of your election at any time during the year.

Example of Tax Savings through a Health FSA

You avoid paying: • Federal income tax • FICA taxes • State income tax (in most states)

Two types of Health FSAs

Health FSA –for those employees enrolled in the Core or Buy-up PPO plans

Eligible expenses include Medical, Dental and Vision

Limited Health FSA – for those enrolled in the High Deductible Health Plan (HDHP) with HSA

Eligible expenses include Dental and Vision initially and later, post-deductible medical expenses.

Using your FSA funds

Benefit Strategies administers your FSA account.  Upon enrollment in the Health FSA, you will be sent two benefit cards to pay for qualified expenses directly at the point of sale or when paying a bill.

There are also electronic and paper reimbursement methods available.

What happens if I don’t spend my entire annual election?

Due to the tax-advantages, the I.R.S. requires that your annual election be used by the end of the year.  However, CleanSlate’s Health FSA plan allows you to rollover up to $500 in unused funds towards the next year’s annual election.

Keeping up with your Health FSA account

Register online at benstrat.com

Download the mobile app for iPhone, Android and table devices

Contact the Benefit Strategies Customer Relations Team at 1-888-401-FLEX (3539) or info@benstrat.com

This information is not intended to be tax or legal advice.  You should consult with your tax preparer or accountant to obtain further details.


Also read:

Engagement Leads To Innovation At CleanSlate

An Encounter That Was "Meant To Be"

 

 

Do you have a Warriors for Hope anecdote or information to share on our blog?

Email Shanna Belott at sbelott@cleanslatecenters.com
Picture of Tonya Draughon

Tonya Draughon

Tonya Draughon is a Senior Client Service Specialist at Marsh & McLennan Agency in Florida.

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