Teammates

Flexible Spending Accounts

Flexible Spending Accounts include:

  • Limited Purpose Flexible Spending Account (LPFSA)
  • Dependent Care Flexible Spending Account (DCFSA)
  • Health Care Flexible Spending Account (HCFSA)

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

Questions

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.

Limited Purpose Flexible Spending Account (LPFSA)

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.

Dependent Care Flexible Spending Account (DCFSA)

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:

  • Children under age 13
  • Disabled dependents of any age who live with you more than eight hours per day, whom you claim on your tax return and who are enrolled in an eligible daycare program

Important Information about DCFSA IRS Limits

You can contribute up to $5,000 ($2,500 if married, filing separately) to your DCFSA. This limit may change if:

  • You are considered a “highly compensated” teammate, the limit is subject to reductions based on IRS discrimination testing results
  • Both you and your spouse contribute to a DCFSA (only $5,000 combined is allowed) based on IRS guidelines
  • The $5,000 limit includes DCFSA and Dependent Care Back-up
  • Both the DCFSA and the federal tax credit for child and dependent care offer you tax savings on dependent care expenses. It is important to determine which is right for you and which will provide the greatest tax benefit in 2019. Consult a qualified tax advisor to make your choice.

Health Care Flexible Spending Account (HCFSA)

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.

  • Use the dollars in your HCFSA to pay for eligible expenses for yourself or anyone you claim as a dependent on your income tax return
  • Eligible expenses are medical, prescriptions, dental and vision charges not fully covered by other benefits or insurance

2018 Flexible Spending Accounts

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:

  • Between January 1 and April 30, 2019, you can submit manual FSA claims for expenses incurred in 2018.
  • At the beginning of May 2019, any balance remaining up to $500 will be rolled into a Limited Purpose FSA for dental and vision-related expenses.
  • FSA funds may not be rolled into HSA accounts due to IRS regulations.

 

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.