A flexible spending account (FSA) is a powerful tool to help save on health-care costs, tax-free. However, FSAs are often misunderstood. Here are four “fact or fiction” statements for current or future account holders to know about.  

Fiction

  1. You have to be enrolled in a certain type of health plan to be eligible for an FSA.
  2. You can only spend up to the amount you have already contributed to your FSA.
  3. You will lose unused FSA dollars at the end of the plan year.
  4. You can only adjust your annual FSA election amount during open enrollment.

Fact

  1. In addition to medical expenses, FSA funds can also be used for vision, dental, and prescription expenses, as well as many additional eligible items such as first aid supplies.
  2. Your entire FSA election amount is available on the first day of the plan year.
  3. You can roll over up to $570 of unused dollars into the following plan year or receive a 2.5-month grace period after the plan year to use any remaining FSA dollars.
  4. You can make adjustments to FSA election amount in the case of a qualifying event such as marriage or birth of a child.

We’ve been innovative leaders in providing full-service administration of consumer-driven and traditional account-based plans since 1996.

Our solutions and interactive customer support team are all centered around one goal: helping you help your clients.

Our History
Careers
Our Culture and Leadership

Here you will find details for all our solutions as well as FAQs, forms and guides, eligible expenses and videos.

Resources for Participants
Resources for Employers
Resources for Partners

We’re always
here to help.

NueSynergy's Director of Central Sales will be in Colorado June 13-14

NueSynergy’s Director of Central Sales will be in Colorado June 13-14

NueSynergy is nearing its third sales trip of the month. From June 13-14, Jason Galvin, Director of Central Region Sales, ...
Read More

Follow Us On Social Media