• Pig with stethoscope

    The Flexible Spending Account (FSA) program is a benefit that enables you to SAVE MONEY by placing pre-tax dollars in an account for unreimbursed healthcare or dependent care expenses. Employees determine the amount to contribute for the year via payroll deductions. The plan year runs from January 1st through December 31st

     

    HERE’S HOW IT WORKS 

    Employees estimate their expenses for the upcoming year, and complete & submit the FSA enrollment form during Open Enrollment.  Effective January 1st, the employee will have access to a P&A Group debit card and web portal to submit claims associated with qualified expenses for the calendar year 2021.  The pre-tax contribution lowers your personal taxable income, and subsequently tax withholdings.  

    There are two types of Flexible Spending Accounts: 

     

    • Health Care FSA’s

     

    • Dependent Care FSA’s 

     

    Enrollment

    Initial enrollment must occur within 30 days of hire or during the open enrollment period (November 1st – November 30th).  Employees determine the amount to contribute for the year via payroll deductions. It is called your annual election. For 12-month employees, your annual election will be deducted over 24 pay periods and for 10-month employees, your annual election will be deducted over 19 pay periods. 

     

    FSA Enrollment Form 

     

     

    Health FSA 

    A Health FSA is so much more than Doctor and Prescription Co-Pays.  It’s also for regular expenses associated with: 

    • OTC medicine and drugs such as allergy, sinus, cold, and flu products 
    • OTC supplies such as skincare products & sunscreen, bandages, contact lens solution & supplies, feminine care products, first aid supplies, pregnancy tests, and reading glasses 
    • Prescriptive glasses and contact lenses (even prescriptive sunglasses) 
    • Home medical devices such as blood pressure monitors, glucose tests & monitors breast pumps & accessories, and CPAP accessories 

     

         Maximum annual election - $2,850 maximum 

         Minimum annual election - $200 minimum

     

    You must incur eligible expenses between January 1, 2022, and December 31, 2022, to be reimbursed from the amount you contribute to your Health Care FSA in 2022.  There is a $570 Roll-over feature. Up to $570 in unused funds can roll from one plan year to the next. Any excess funds in excess of $570 will be lost. Rollover funds will become available on your P&A Card in April even if you do not re-enroll for 2022. Separation from service is the only circumstance that would prevent you from utilizing the rollover funds in the future.

     

    All eligible expenses must be incurred by December 31st. If you choose to use paper Reimbursement Claim Forms they must be submitted by March 31st. 

     

     

    Dependent Care FSA

    For expenses that are eligible for reimbursement include such items as childcare and eldercare services.  The Dependent Care FSA can help you pay your eligible out-of-pocket dependent care costs. Expenses are limited to household services or the care of one or more qualifying individuals (i.e., a dependent child less than age 13 or a dependent adult), while you are at work.

         Maximum annual election - $5,000 (if single or if married and filing jointly)

         Maximum annual election - $2,500 (if married and filing separately) 

         Minimum annual election -  $200

     

    Effective January 1, 2022, the Dependent Care Flexible Spending Account plan extended the grace period by 75 days.  This means that any funds from 2022 remaining in your account after December 31, 2022, can be used for any qualifying purchase for up to 75 days in 2023. 

     

    Reimbursement Claim Forms must be submitted by March 31st.  

     

    LIFE QUALIFYING EVENTS

    Qualifying life events can occur that alter your necessary Flexible Spending coverage. The birth of a child, marriage, or a change in employment, will all affect coverage for your FSA plan. When such an FSA qualifying event occurs, you are allowed to make a mid-year election change to your FSA.  Use the enrollment form at the top of the page to create an account or change your annual limit.  Detailed information can be found by clicking HERE.

     

    RESOURCES TO DETERMINE IF AN FSA IS RIGHT FOR YOU! 

    When you enroll in an FSA, you receive the P&A Group Benefits Card.  This is a convenient debit card that can simplify the process of paying for eligible expenses under your FSA, such as co-payments, prescriptions, glasses, dental expenses, and more.  More information on the Benefits Card is available HERE.

     

    The matrix below is an example of how enrollees save money with a Flexible Spending Account.  Estimate how much YOU CAN SAVE per year by using this online FSA Calculator.

    Matrix showing cost savings of FSA account

     

     

     

    Check out this list of Medical and Dependent Care Eligible Expenses.  This list is not inclusive, so if you are unsure if an expense is eligible for reimbursement, please call P & A Group at (800) 688-2611, Monday through Friday from 8:30 AM to 10:00 PM EST. You may also download a printable version of the eligible expenses list: FSA Eligible List.

     

    How do I know that my store will accept my FSA Debit Card for medical expenses?  Use this Store Locator to identify a list of providers that accept the Benefits Card. 

     

    Provider: P&A Group

    Telephone: 1-800-688-2611 (Mon. thru Fri. 8:30 am to 10:00 pm) 

    Web-site: www.padmin.com

    P&A Group provides a Participant Portal to help you manage your accounts. Registration directions can be found in the Related Links below.

     

     

     

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