Q: What is a Flexible Savings Account (FSA)?
A: A flexible spending account (FSA) lets you set aside money from your paycheck (on a pretax basis) to use for eligible out-of-pocket expenses. The two most common types of FSAs are health care and dependent care.
Q: What types of Medical expenses can I use my FSA funds to pay for?
A: Qualified medical, vision, pharmacy or dental benefit expenses, as defined in Section 213(d) of the Internal Revenue Code. Qualified expenses include; OTC drugs with a Doctor’s prescription, Deductibles, Coinsurance, Copays, Glasses, Contact Lenses, LASIK, and many more.
Q: Who is a Qualified Dependent for FSA Dependent Care?
A: Children to age 13 and Spouse or other relative incapable of self-care.
Q: What types of dependent care expenses can I use my FSA funds to pay for?
A: Qualified dependent care expenses include; Day Care, Relative Care, In-Home Day Care, and Summer Day Camps.
Q: How much may I contribute in 2020?
A: Medical FSA max amount is $2,700.00 and Dependent Care max amount is $5,000.
Q: When are funds available for use?
A: Medical FSA - You may use up to the full amount elected at any time. However, if you leave County employment and have used more than you contributed to your FSA the difference will be reported as income to you on your W-2.
Dependent Care - You will only be allowed to use the amount contributed at the time of reimbursement.
Q: What’s the deadline for using FSA Funds?
A: All funds contributed to a FSA account must be used up by the end of the calendar year in which it was contributed. However, Nassau County participates in the Grace Period option which allows expenses incurred through March 15th of the following year to be submitted for reimbursement. All expenses must be submitted for reimbursement no later than March 31st of the following year.
Q: Will a new FSA card be received each year?
A: No. If you were previously enrolled in FSA, you will not receive a new PayFlex Card. The PayFlex card is an account debit card used to pay for your eligible medical expenses. If you are enrolling in the FSA for the first time, you will receive a PayFlex Card within two weeks of enrolling. If you do not receive your card within two weeks, please call Payflex and request one.
Q: What happens to funds in my FSA if I terminate employment?
A: You may still submit expenses incurred prior to your date of termination for reimbursement. Any unused funds will be forfeited.