When you enroll in this account you contribute money from your paycheck before taxes are withheld. You then use this money to reimburse yourself with tax-free dollars for certain health care expenses that are not payable under any benefit plan (like medical and dental plan deductibles, coinsurance or co-payments, orthodontia services, lasik surgery, etc.).
You can access your Flexible Spending Account online at the new website https://benstrat.navigatorsuite.com/.
Login using the following:
Because FSAs provide tax advantages, the IRS imposes certain restrictions on their use. These include the following:
In 2012, you may contribute up to $5,000 per calendar year if you are a single head of household or if you are married and filing a joint tax return. If you are married and filing separately, you may contribute up to $2,500 per calendar year. Your contributions may not exceed your annual earned income or that of your spouse, whichever is less.
IMPORTANT CHANGE EFFECTIVE JANUARY 1, 2013
Effective for plan years beginning on January 1, 2013, under the Patient Protection and Affordable Care Act (PPACA), employees will be limited to contributing up to $2,500 (reduced from $5,000 in previous years) into a Health-FSA. Thereafter, this limit will be indexed for inflation every year.
We have confirmed with Benefit Strategies, our third-party administrator for our Health FSA plan, that each spouse (regardless of whether they are working for the same employer or not) may each contribute up to the $2,500 limit in 2013. We have further confirmed with Benefit Strategies that there will be no tax consequences for married couples filing jointly who will both contribute to the Health FSA in 2013 and whose combined contributions exceed the $2,500 annual limit. Finally, as this relates to an employee’s tax status, we would always recommend and advise our employees to speak with a tax consultant.