The Health Care Flexible Spending Account (FSA) lets you set aside money to pay for eligible health care expenses – before taxes are taken out of your paycheck. That means you pay less in taxes.
- You can contribute from $100 to $2,700 (maximum contribution may be indexed each year).
- Broadridge will match up to $100 of your annual contributions.
- Your total annual election is divided into equal deductions throughout the year and is taken out of your paycheck before income taxes are determined (saving you money).
- You can use the money in your account to pay for eligible medical, dental and vision expenses.
- You can use your total annual contribution at any time. For example, if you contributed $2,000 for the year and incur $2,000 worth of expenses in February, you can be reimbursed for the entire amount at that time. You do not need to wait until you contribute $2,000 to your account.
You can only elect to participate or change your election as a new hire, during Annual Enrollment or if you have a qualified change in status. You must enroll every year and unused balances are forfeited if not utilized at the end of each calendar year. You have until June 30 of the following calendar year to submit for eligible FSA expenses incurred through December 31 of the prior calendar year (for which you had an Active annual FSA election).
It's important to note that if you are enrolled in the SavingsPlus HSA medical plan and you also enroll in the healthcare FSA, your FSA is considered “Limited Purpose” and can be used only for eligible dental and vision expenses. You cannot use it for medical or prescription drug expenses and you also will not receive the $100 Broadridge contribution.
Click here to compare the Health Care FSA and HSA.