Washington Enrollees
TAKE CONTROL OF YOUR HEALTHCARE FINANCES.
Using an FSA is a great way to stretch benefit dollars. By using pre-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 $3,050 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 $610 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.
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.
IS AN FSA RIGHT FOR ME?
A Health Care FSA could save you money if you or your dependents:
- Have out-of-pocket expenses like copays, coinsurance, or deductibles for health, prescription, dental, or vision plans
- Have a health condition that requires the purchase of prescription medications on an ongoing basis.
- Wear glasses or contact lenses or are planning LASIK surgery
- Need orthodontia care, such as braces, or have dental expenses not covered by your insurance
A Dependent Care FSA provides pre-tax reimbursement of out-of-pocket expenses related to dependent care. This benefit may make sense if you (and your spouse, if married) are working or in school, and:
- Your dependent children under age 13 attend daycare, after-school care, or summer day camp.
- You provide care for a person of any age whom you claim as a dependent on your federal income
- tax return and who is mentally or physically incapable of caring for himself or herself.