TriNet offers offer two flexible spending account (FSA) options.
Flexible Spending Accounts |
Health CareCan be used to cover eligible health care-related expenses up to $2,550 per benefits plan year. Dependent Day CareCan be used to cover eligible expenses related to the care of a child or eligible dependent, up to $5,000 per benefits plan year. |
Timing is everything when you are using an FSA. So how long do you have to make purchases and submit expenses?
If you are an active participant in the health care FSA on the last day of the benefits plan year, you have:
Note for health care FSA: If your FSA participation ends during the benefits plan year, you may only incur eligible expenses through the end of the month in which your benefits terminate. You have until the end of the fourth month following the last day of the benefits plan year to submit your claim(s).
If you are an active participant in the dependent day care FSA, you have:
Note for dependent day care FSA: If your FSA participation ends during the benefits plan year, you can continue to incur and submit claims for eligible dependent day care expenses through the end of the benefits plan year or until your account balance is zero, whichever comes first.
FSAs are an excellent way to save money. And with the cost of health care on the rise, participating in a health care FSA is one way you can reduce your medical, dental and vision care expenses. In fact, you can save 20% to 40% on taxes for every dollar you contribute. That is $20 to $40 savings on every $100 in contributions!
If you decide to participate in a health care FSA for the first time, you will receive a new debit card that you can use to automatically deduct amounts paid for eligible health related expenses from your FSA. You can use the card at most health-related merchants and service providers such as hospitals, doctors, dentists and vision care centers, as well as most retail pharmacies. Whether or not you use your debit card, be sure to keep your receipts and proof of purchase documentation.