Q&A: Flexible Spending
Q: What is a Flexible Spending Account (FSA)?
A: It is a way to set aside money on a pre-tax basis for your out of pocket medical, dental, vision and dependent care expenses for a benefit year. There are two types of accounts: Health Flexible Spending Account (Health FSA) and Dependent Day Care Flexible Spending Account.
Q: Why would I want an FSA?
A: Depending on your expenses and your tax bracket, you can save hundreds to thousands of dollars on stuff like dental work and prescriptions, as well as childcare and care for other dependents.
Q:Who should have an FSA?
A: Anyone with predictable out-of-pocket healthcare and/or dependent/childcare expenses. If you spend money on these things, you could be paying less in taxes by using an FSA.
Q: When can I enroll?
A: You can enroll during your one-on-one appointment with an American Fidelity representative or by contacting Kathy Nagy (Kathy.Nagy@americanfidelity.com) at American Fidelity Assurance.The deadline for enrollment end September 15, 2015.
Q: What are Eligible Expenses?
A: Eligible medical expenses include deductible and coinsurance amounts under a group health plan, charges that are in excess of the amount reimbursed under a group health plan, medications, vision care, dental care and hearing aids. For a more complete list, please see the Eligible Expenses list.
Dependent Day Care expenses must be for a dependent that meets the specific criteria established by the IRS for a qualifying dependent. For detailed information, please see the Qualifying Dependent Guidelines.
Q. How do I submit a claim?
A.You can submit a claim using AFA Mobile online claim submission or by completing a claim form and faxing it to the fax number located on the form.
Q: Can I submit expenses incurred by other family members?
A: Yes, you can submit expenses incurred by anyone you claim as a dependent on your taxes.
Q: Is there a cost to participate in the program?
A: No. The flexible spending account program is a no-cost benefit the district offers its employees to help offset the increasing cost of health and child care.
Q: Can I access my account information online?
A: Once you have an account set-up you can access it through the American Fidelity secure site.