TAKE CONTROL OF HEALTHCARE FINANCES.
Offering an FSA is a great way to stretch benefit dollars. By using before-tax dollars in an FSA for eligible out-of-pocket medical and dependent care expenses, participants are able to enjoy tax savings and increased take-home pay. And that makes real sense.
WHAT IS AN FSA?
With an FSA, participants elect to have an annual contribution (up to the $2,750 limit set by the IRS) deducted from their paycheck each pay period, in equal installments throughout the year, until the specified yearly maximum is met. The amount that goes into an FSA will not count as taxable income, resulting in immediate tax savings. FSA dollars can be used during the plan year to pay for qualified expenses and services. And at the end of the year, up to $500 of the contribution will roll over to the next plan year (if elected by employer).
TYPES OF FSAs:
HEALTH CARE FSA
A Health Care FSA allows reimbursement of qualifying out-of-pocket medical, dental, and vision expenses.
LIMITED PURPOSE MEDICAL FSA
A Limited Purpose Medical FSA works with a qualified high-deductible health plan (HDHP) and health savings account (HSA). A limited FSA only allows reimbursement for vision and dental expenses.
DEPENDENT CARE FSA
A Dependent Care FSA allows reimbursement of dependent care expenses, such as daycare, incurred by eligible dependents.
WITH AN FSA FROM PEAK ONE, PARTICIPANTS CAN:
- Pay for qualified expenses with pre-tax dollars.
- Enjoy significant tax savings with pre-tax deductible contributions and tax-free distributions.
- Enjoy secure access to accounts using a convenient consumer portal available 24/7/365.
- File claims easily online or with our mobile app (when required) and let the system determine
approval based on eligibility and availability of funds.
- Get one-click answers to benefits questions.