Flexible Spending Accounts (FSA)
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Colorado Springs School District 11 offers employees the ability to participate in the Flexible Spending Accounts (FSA). Through your FSA, the plan keeps track of the amount of money you set aside for the plan year to cover qualified medical and dependent day care expenses that may occur during the plan year.
The annual amount you elect to set aside is prorated for each pay period and subtracted from your wages on a pre-tax basis.
Under our 125 Flexible Spending Account, employees can elect to pay for certain medical and dependent care expenses with before (pre) tax dollars. This can save you taxes on expenses that would otherwise not be available.
Be prepared to substantiate any of your expenses as this is a requirement of the IRS rules. Be sure to get receipts for your services, if possible at the time of visit, so that your claim reimbursements are not put on hold. A cash register receipt is not acceptable.
Enrollment for this plan occurs annually at Open Enrollment, scheduled in April. Your election amount is for a full twelve months. The plan year is July 1, through June 30th.
MEDICAL FLEXIBLE SPENDING ACCOUT (FSA)
What is a Medical Flexible Spending Account?
If you contribute to a health care FSA, you may pay for out of pocket medical, dental and vision expenses incurred by you and your dependents with pre-tax dollars. Out of pocket health care expenses are your family's health care expenses not covered or not reimbursed by the health plan or under any health plan. In general, these expenses are any health care costs for you and your dependents that the IRS allows you to deduct for tax purposes and that are not claimed as deductions on your tax return.
Some of the expenses that qualify for reimbursement from your health care FSA include:
- Group health plan deductibles and copayments
- General non-reimbursed health and physician charges
- Well child care
- Dental and orthodontic care, unless performed strictly for cosmetic purposes
- Vision care (exams, glasses, contacts)
- Hearing aids and batteries
CLICK HERE for a list of other covered expenses.
How much should I place in to my flex plans? click on the expense worksheet below to help with your elections.
Here is an example of your flex card:
Tips for managing your healthcare finances: how can I get better value for my healthcare dollars?
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