Flexible Spending Accounts include:
Your annual election is deducted from each paycheck in equal amounts. Expenses must be incurred on or after your effective date of coverage during the plan year. You decide how much you want to contribute to your FSA – up to the maximum contribution
Flexible Spending Accounts are administered by Bank of America. To access your account(s), log in to the Bank of America website. If you have questions about your new account(s), call Bank of America at 866-731-4206.
In addition to a Health Savings Account (HSA), you can participate in the Limited Purpose FSA (LPFSA) to set aside additional pretax dollars (up to $2,550) to cover eligible dental and vision expenses.
You can use the DCFSA to pay for any eligible, work-related dependent daycare expenses you incur – such as licensed daycare centers for your dependent children or adults, summer day camps, nursery schools or after-school care. Unlike the HCFSA, your funds must be in your DCFSA before they can be reimbursed. Eligible dependents include:
You can contribute up to $5,000 ($2,500 if married, filing separately) to your DCFSA. This limit may change if:
If you or your eligible dependents are not covered under the LiveWELL Health Plan or any other high-deductible plan, you are eligible to make contributions to the HCFSA.
2018 Flexible Spending Accounts (FSA) will be closed as of 12:01 a.m., December 31, 2018, for teammates who enroll in the 2019 LiveWELL Health Plan.
The following provisions are included in the amended FSA plan:
Please note that the above Information is intended to provide explanation of benefit plans. For advice regarding your personal healthcare and financial matters, you may want to consult a healthcare provider, Medicare consultant, tax professional or financial advisor.