FSA

Features of an FSA:

• Flexible Spending Accounts (FSA) allow employees to set aside money on a pretax basis
• Money can be used to pay for out-of-pocket 213(d) IRS eligible medical expenses
• Employees save money by paying for these goods and services with pre-tax dollars
• Employers not required to pay 7.65% employer portion of payroll taxes
• Pre-funded account - employees have their full annual election available at the start of their plan
• “Use-it-or-Lose-it” – No rollover of funds, IRS stipulates that any funds not used by the end of the plan year are forfeited
• Employers can contribute to the employees’ FSA, and can take a tax reduction for reimbursements made for any of the employer contributions

Advantages of a Choice Strategies FSA:

• Employees can determine their tax savings through our: FSA Savings Calculator
• Multiple plans on one convenient Choice Strategies debit card
• Member Service Representatives can be reached by phone, email or live chat
• Answers to frequently asked questions about FSAs can be found easily on our website
• Members create their own online account to view balance and account information
• Employers have their own Client Service Team for questions
• Choice Strategies has our own Compliance Team to ensure compliance guidelines are followed and to answer questions

Eligible Expenses

• Items subject to the deductible
• Co-pay or coinsurance of the health care plan
• Dental
• Vision
• Orthodontia
• Limited over-the-counter items
• Alternative treatments

A full list of FSA eligible expenses can be found on our website within the Helpful Links section of our website.

For more information on FSAs, visit the FAQ pages of our website.

Please click here for a one page handout describing the Flexible Savings Account.