Flexible Spending Accounts
Health Care FSA
A Health Care FSA is a pre-tax benefit that enables you to set aside money to pay for your out-of-pocket health care expenses. During our open enrollment period, you’ll estimate your out-of-pocket expenses for the upcoming plan year. The amount you elect will be deducted out of each pay check on a pre-tax basis and put into your Health Care FSA. Since the FSA is pre-funded, you will have access to your full election amount and can use those pre-tax dollars in your FSA to pay for your eligible out-of-pocket expenses.
- Annual election maximum: $2,550
- Eligible Expenses
- Access your account
- Learn more about the Health Care FSA
Day Care/Dependent Care FSAA Day Care/Dependent Care FSA is a pre-tax benefit that enables you to set aside money to pay for your out-of-pocket day care or dependent care expenses. During our open enrollment period, you’ll estimate your out-of-pocket expenses for that plan year. The amount you elect will be deducted evenly out of each pay check on a pre-tax basis and put into your Day Care/Dependent Care FSA. You can use those pre-tax dollars to pay for eligible expenses.
- Annual election maximum: $5,000
- Eligible Expenses
- Access your account
- Learn more about the Day Care FSA
How to EnrollEligible employees must enroll within 30 days from their date of hire, within 30 days of a qualifying life event, or during our annual benefits open enrollment period. If you are currently enrolled, it is required to re-enroll annually during open enrollment for each upcoming plan year.
- Review the enrollment instructions and plan summary included on the FSA enrollment form.
- Submit enrollment form to Human Resources within 30 days of becoming newly eligible.
- Try our FSA calculator to help you determine your semi-monthly deduction amounts.
The dates of service for your eligible expenses must be during the plan year, which is April 1st through March 31st, and while you are an active participant in the plan. Before each Plan Year begins, you will select the benefits you want and how much of the contributions should go toward each benefit. It is very important that you make these choices carefully based on what you expect to spend on each covered benefit or expense during the Plan Year. All elections set forth are considered irrevocable for the entire plan year unless there is a qualifying change in status. Refer to the Summary Plan Description for a list of qualifying change in status events.
Our plans also have a special 2 ½ month Grace Period after the end of the plan year. This feature gives you an additional 2 ½ months to incur expenses against your Health Care and Day Care arrangements. This means that you have until June 15th to incur expenses. All expenses incurred during the grace period will deduct out of the prior year’s arrangement and any remaining balance will then be applied to the current plan year. Grace Period expenses must be submitted manually and by the end of the claims run-out period.
Claims run-out period
All claims must be submitted prior to the end of the claim filing period. Under our plan, you’ll have a 90-day claim run out period after the end of the plan year to submit claims. What this means is that you have until June 30th to submit claims. Claims postmarked after this date cannot be accepted.
Grace Period vs. Claims run-out period
Claims run-out is a period of time after the plan year has ended for the participant to submit claims for reimbursement. The Grace Period is an additional 2 ½ months after the plan year end date that permits participants to incur expenses against the balance in the plan year that recently ended. If the previous plan year balance doesn’t cover the amount of the claim, any residual amount would then be applied to the current plan year.
Use-it or Lose-it Rule
Money left in the plan after June 30th cannot be refunded to you; this is referred to as the Use-it or Lose-it rule.
Generally, you cannot change the elections you have made after the beginning of the Plan Year. However, there are certain limited situations when you can change your elections. You are permitted to change elections if you have a "change in status" and you make an election change that is consistent with the change in status.
Review the Summary Plan Description for terms and conditions.
Contact Navia Benefit Solutions
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