Using an FSA is like getting a discount on everyday health and/or dependent care expenses because you’re paying with tax-free money. There are separate FSAs for health care and dependent care.
Available to employees who enroll in the PPO Plan or do not elect medical coverage
- Contribute between $260 and $2,850 annually through pre-tax payroll deductions to help cover eligible medical, vision, and dental expenses.
- Choose your contribution amount during Annual Enrollment. You can only change your contribution amount during the year if your personal situation changes.
- Spend your money by using your FSA debit card, or log in to the Inspira Financial website to request reimbursement for payments you’ve made.
- Your entire annual contribution is available to you from the beginning of the plan year.
- Unused money does not carry over at the end of each year — use it or lose it. Be sure to estimate your expenses carefully!
- You have until March 31st of the year following the end of a plan year to submit claims for expenses incurred from the previous calendar year. There is no grace period for incurring expenses.
Available only to employees who enroll in an HSA
- Designed to work together with your Health Savings Account (HSA) for additional tax-saving opportunities that help you maximize your health care spending dollars.
- Contribute between $260 and $2,850 annually through pre-tax payroll deductions. This account can be used on eligible dental and vision expenses only. For a list of eligible expenses, refer to IRS Publication 502.
- Choose your contribution amount during your new hire enrollment window. You can only change your contribution amount during the year if your personal situation changes and during Annual Enrollment.
- Spend your money by using your FSA debit card, or log in to the Inspira Financial website to request reimbursement for payments you’ve made.
- Your entire annual contribution is available to you from the beginning of the plan year.
- Unused money does not carry over at the end of each year — use it or lose it. Be sure to estimate your expenses carefully!
- You have until March 31st of the year following the end of a plan year to submit claims for expenses incurred from the previous calendar year. There is no grace period for incurring expenses.
Available to all employees
- Contribute up to $5,000 annually (or $2,500 if married and filing separate tax returns) through pre-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders.
- The expenses must be incurred to enable you (and your spouse/domestic partner) to work. This account cannot be used to reimburse medical expenses.
- Log in to Inspira Financial to request reimbursement for payments you’ve made.
- Choose your contribution amount during your new hire enrollment window. You can only change your contribution amount during the year if your personal situation changes and during Annual Enrollment.
- Unused money does not carry over at the end of each year — use it or lose it. Be sure to estimate your expenses carefully!
- You have until March 31st of the year following the end of a plan year to submit claims for expenses incurred from the previous calendar year. There is no grace period for incurring expenses.
- Your contributions will be deducted from your paychecks in equal amounts during the plan year.
- You must re-enroll in an FSA each year during the Annual Benefits Enrollment period in order to continue participating in that account.
- FSAs are strictly governed by IRS regulations. For more details and a list of eligible expenses, you can refer to IRS Publications 502 and 503 available at www.irs.gov or call 1-800-TAX-FORM. If there is a discrepancy between Masonite’s guide and the IRS regulations, the IRS regulations will prevail.