Now is the time to enroll for Flexible Spending Accounts (FSA) to begin participation July 1, 2021. Here is information to help you determine if an FSA is right for you. Open Enrollment ends May 14!
A Flexible Spending Account (FSA) is a program that allows benefit eligible employees to pay for eligible medical, dental, vision care, and/or dependent care expenses with pre-tax dollars through payroll deduction. You select a per pay period contribution amount, up to a specified maximum. The money deposited into these accounts is not taxed at the time of contribution, and remains tax-free when it is withdrawn as reimbursement for eligible expenses. If an employee wishes to take advantage of a FSA each year, they must renew the account during the open enrollment period.
Employees can enroll in either or both of the Health Care Flexible Spending Account (HCFSA) and/or Day Care Flexible Spending Account (DCFSA). Dollars deposited in these accounts are kept separate and cannot be transferred from one account to the other. Both accounts are administered by Navia Benefits Solutions and if the participating employee registers on the Navia website or mobile app they can track the activity of their account online.
Benefit eligible employees DO NOT have to be enrolled in the State’s health plan to participate in the FSA.
In addition to eligible medical, dental and vision expenses, the Health Care Flexible Spending Accounts (HCFSA) are now allowed to reimburse items such as:
- Over-the-counter (OTC) drugs or medicines, without a prescription, such as aspirin, antihistamines, cough syrup, etc.
- Menstrual care products.
- Personal protective equipment (PPE) like hand sanitizer and face masks.
- More approved items available for purchase on the FSA Store on the Navia member portal!
Items purchased to support general health, such as vitamins and supplements, still require documentation that the item was prescribed.
Day Care Flexible Spending Accounts (DCFSA) reimburse you for childcare expenses for children up to age 12. New for the coming plan year, the DCFSA annual maximum was increased to $7,746 (household max).
FSA debit cards are provided to all enrollees for free! However, not all stores or daycares have the technology to accept flexible spending debit cards. In that case, members can submit the receipt as a claim for reimbursement via the Navia member portal or mobile app.
For more information about how flexible spending accounts work, annual maximums, use-it-or-lose-it provisions, qualifying events to enroll or change mid-year, and other tips, visit the OGI Flexible Spending webpage.
If you are interested in participating, ask your HR office how to access your FSA enrollment before May 14.