by admin | Oct 17, 2022 | Blog
An Adoption Assistance Flexible Spending Account (FSA) allows participants to set aside pre-tax dollars for eligible domestic (in U.S.) or foreign adoption expenses; notably court costs, attorney fees and agency fees. Below are five facts regarding this account.
Fact #1: For 2022, participants can choose an annual election amount of up to $14,890. The money is placed in a participant’s account via payroll deduction, equally, and then used to pay for eligible adoption expenses incurred during the plan year.
Fact #2: Expenses incurred in a prior plan year plus fees to adopt a stepchild and for legal guardianship are not eligible for reimbursement.
Fact #3: There’s an income limit for an Adoption Assistance FSA. It’s based on modified adjusted gross income (MAGI). For 2022, if your MAGI was:
- More than $223,410 = will not be able to contribute to full $14,400 to FSA
- More than $263,410 = can’t use the FSA
Fact #4: Any unused funds that remain in an account at the end of the plan year will be forfeited.
Fact #5: Participants cannot change election amounts during the plan year unless they experience a change in status or qualifying event (such as marriage or divorce).
by admin | Sep 28, 2022 | Blog
A Flexible Spending Account (FSA) is an employer-sponsored benefit that allows account holders to set aside pre-tax dollars into an account to be used for eligible medical expenses. An FSA can help save money in the short-term and in the future. Below are five FSA facts you may not know:
Fact #1: FSA election amounts can be changed mid-year
If a participant experiences a change in status as defined by IRS regulations, such as marriage, divorce, birth, or death in the immediate family they may change election amounts at any time throughout the plan year.
Fact #2: An FSA is terminated if an account holder’s employment ends
While post-termination claim timelines can differ from plan to plan, a participant’s expenses incurred prior to their date of termination would be eligible for reimbursement. Any funds remaining at the end of the contribution run-out period would be subject to forfeiture.
Fact #3: There is no deadline for submitting claims
Depending on the employee’s plan design, claims can be submitted for reimbursement at any time during the same plan year that expenses are incurred. Also, participants may utilize either a grace period or carryover after the end of the plan year. Claims can be submitted for reimbursement at any time during the plan year in which expenses are incurred.
Fact #4: Over-the-counter (OTC) medications are eligible for reimbursement
This is true. In addition, OTC medications no longer need to be accompanied with a doctor’s prescription. Now, a participant must only submit a claim with the receipt for the OTC medicine.
Fact #5: A benefits debit card and claim filing are two ways to take funds out of an FSA
A simple swipe of the NueSynergy smart debit card is the most common way to use an FSA. Filing a claim through the NueSynergy participant portal, mobile app, or by email works too – however a detailed receipt is required. The receipt should include the provider’s name, service/item, amount, and the date of service. Once submitted and approved, reimbursement would be issued.
by admin | Sep 20, 2022 | Blog
A Health Care Flexible Spending Account (FSA) is a popular option for nearly everyone. This account allows you to set aside pre-tax dollars for eligible expenses, which means you don’t have to tap into your checking account when you have medical, dental, and vision expenses for you or your dependents
The following is a brief list of expenses Health Care FSA funds do and do not cover.
What qualifies
- Feminine hygiene products
- Copays, deductible payments, and coinsurance
- Doctor office visits and exams
- Hospital charges
- Prescription drugs
- Dental exams, x-rays, and orthodontia
- Physical therapy
- Over-the-counter medications and first aid kits
- Vision exams, contacts, and glasses
What doesn’t qualify
- Expenses incurred in a prior plan year
- Cosmetic procedures or surgery
- Dental products for general health
- General hygiene products
- Insurance premiums
