Flexible Spending Accounts (FSAs)
Two accounts to help you lower your taxable income.
FSAs allow you to set aside pre-tax dollars from your paycheck to cover qualified expenses you would normally pay out of your pocket. We offer two types of FSAs.
Health Care FSA
The Health Care FSA helps you pay IRS-approved medical, dental, and vision care expenses. The maximum contribution is $3,300. Funds you elect to contribute to the Health Care FSA are deducted throughout the year but available in full on the first day of the plan year. For example, if you elect to contribute $1,000, the full election is available on January 1. You cannot enroll in the Health Care FSA if you are enrolled in the Blue HDHP 3 Plan with an HSA.
Dependent Care FSA
The Dependent Care FSA helps you pay for dependent care expenses such as day care, before or after school programs, or elder care so you and your spouse can work or attend school full-time. An eligible dependent is a tax dependent child under age 13 or a tax dependent spouse, parent, or child unable to care for themselves. You can contribute up to $5,000 (or $2,500 if married and filing separately) per plan year. Unlike the Health Care FSA, you need to accumulate funds in your account before you can use them.
Use It or Lose It
Your FSA elections are effective from January 1 through December 31. You can incur expenses through March 15 of the following year. Claims for reimbursement must be submitted by May 31 of the following year.
Plan your contributions carefully — any money remaining in your account after May 31 of the following year will be forfeited. This is known as the IRS “use it or lose it” rule. FSA elections do not automatically continue from year to year — you must actively enroll each year.
Paying for FSA Expenses
If you are a new FSA participant, you will automatically receive the Employee Benefits Corporation (EBC) Benefits Card pre-loaded with your FSA election. Simply swipe the card at eligible merchants to pay for eligible out-of-pocket expenses.
You can also pay out-of-pocket and submit a complete reimbursement claim form with itemized documentation via fax, mail, online claim filing, scan, e-mail, or by using EBC’s mobile app. Some debit card transactions may still require a receipt and itemized documentation.
Participants are encouraged to register on ebcflex.com to access the employee portal, My Account Assistant, to track claims and payments, submit a new claim, submit Benefits Card documentation, and sign-up for direct deposit.
Contact Information
Employee Benefits Corporation (EBC)
800.357.6246
ebcflex.com
participantservices
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