New and newly eligible employees who wish to enroll in this program must do so within 60 days after they become eligible, but before October 1 of the calendar year.įor further information, visit or call 1-87. What are eligible medical expenses Co-payments, co-insurance and deductible expenses Dental care (e.g. Examples of eligible expenses may include health plan deductibles, copayments, and coinsurance eye exams, contact lenses, and glasses prescription drugs.
Enrollment does NOT carry forward year to year. For 2021, the maximum amount of an employer subsidy for qualified child-adoption expenses that can be excluded from an employees gross income is 14,400. Current enrollees must remember to enroll each year to continue participating in FSAFEDS.
Open Season enrollments are effective January 1 of the following year. There are 38,000 eligible expenses you can purchase with your FSA funds, including prescriptions, over-the-counter drugs, feminine products like tampons. How do I get started?Įligible employees can enroll in FSAFEDS each year during the Federal Benefits Open Season (the November/December timeframe).
FSA ELIGIBLE EXPENSES 2021 PLUS
That means you get $2,000 worth of health care purchasing power PLUS pay about $600 LESS in Federal taxes. The average tax savings for a person earning $50,000 who contributes $2,000 into an FSA account is approximately $600. The money contributed to your FSAFEDS account is set aside before taxes are deducted, so in most cases you save about 30% on your Federal taxes. The minimum election for all accounts is just $100 and carryover has been adopted for health care and limited expense health care FSAs. Keep required documentation with your tax. This account allows you to set aside money to pay for your day care expenses. Please see page 22 for a list detailing eligible Dependent Care FSA expenses. Qualified medical expenses are eligible for reimbursement through your FSA as long as they are not reimbursed through insurance or any other source. Think of it as a savings account that helps you pay for items that typically aren’t covered by your FEHB Plan, the Federal Employees Dental and Vision Insurance Program, or other health insurance coverage.įSAFEDS also offers an account for families with young children or elder care expenses – the Dependent Care FSA. Eligible expenses include medical, dental. If you're an employee who works for an Executive branch agency or an agency that has adopted the Federal Flexible Benefits Plan ("FedFlex"), you can elect to participate in the Federal Flexible Spending Account Program (FSAFEDS).įSAFEDS allows you to save money for health care expenses with a Health Care or Limited Expense Health Care FSA. Eye exams/Eyeglasses, LASIK surgery Contact lenses/saline solution, Chiropractic treatment Prescribed medicines, Routine physicals Hearing exams, Hearing. A health care FSA (HCFSA) reimburses you for eligible health care expenses for you and your eligible dependents. Health insurance deductible Co-pays and co-insurance for medical expenses Dental insurance deductible.