How do I know if a Health Care FSA is right for me?
Do you, your spouse or dependents expect to go to the doctor this year? Do you wear contact lenses or glasses? Do you pay for prescriptions regularly? Have you ever bought Band-Aids? If you answered yes to any of those questions, a Health Care FSA might be right for you! Keep reading to learn more:
What is a Health Care FSA? A Health Care FSA is a way to set aside money for certain medical expenses. Money is taken out of your paycheck pre-tax, and placed into a Flexible Spending Account (FSA). You can access your money by using the Surency Flex Benefits Card, or by requesting reimbursement after paying upfront. You can pay for anything that’s an eligible medical expense with funds from your account.
What’s the benefit? By putting money into an FSA pre-tax, you are lowering the amount of your total income that can be taxed by the IRS. Because of that, you will pay less in taxes come tax season.
How does it work? If your employer offers an FSA at Open Enrollment time, you can elect up to a certain amount of money to set aside in your FSA for that year. Once the Plan Year starts, you will have access to all of the money you elected to set aside, but the money will be taken out of your paycheck in equal increments throughout the year. You will receive a Surency Flex Benefits Card in the mail, which you can use to pay for any eligible expenses you have for that year. You can also submit a claim for reimbursement online using your Member Account, on the Surency Flex Mobile App, or by downloading and submitting a claim form. To avoid forfeiting any money at the end of your Plan Year, make sure to use all funds in your FSA.
Need more information? Click here to view our Frequently Asked Questions.