Paying for health care can be stressful. That’s why Oklahoma City Community College offers a flexible spending account (FSA).
WHAT ARE THE BENEFITS OF AN FSA?
There are a variety of different benefits of using an FSA, including the following:
- It saves you money. Allows you to put aside money tax-free that can be used for qualified medical expenses.
- It’s a tax-saver. Since your taxable income is decreased by your contributions, you’ll pay less in taxes.
- It is flexible. You can use your FSA funds at any time, even if it’s the beginning of the year.
The amount you elect is automatically taken out of each paycheck in equal increments throughout the year and you have access to full election amount upon enrollment.
When you have an eligible expense, you can use the plan’s debit card to pay for services, or can submit a manual claim and be reimbursed with pre-tax dollars from your account. Benefit Resources, Inc. may request a receipt or Explanation of Benefits to substantiate claims paid with a debit card. You can login to Benefit Resource’s online portal at www.britulsa.com or download the BRITULSA mobile app to substantiate debit card claims or file a manual claim.
For an expense to be eligible, you must incur the expenses during the plan year (January 1 thru December 31); however, you will have until March 15th to submit claims for reimbursement.
The IRS has a “use-it-or-lose-it” rule for these accounts, meaning you will lose any unused funds in excess of $500 at the end of the plan year. Up to $500 may be rolled over into the next plan year.
ANNUAL CONTRIBUTION AMOUNT
The maximum amount you can contribute to the medical spending account for the 2020 plan year is $2,750.
- Medical and dental deductibles, coinsurance or copays
- Medical equipment
- Hearing aids
- Eye Care Expenses
- For a complete list, visit https://fsastore.com
- Cosmetic surgery
- Teeth whitening
- Fitness club dues
- Premiums for a spouse’s health plan
- Over-the-counter medications or drugs that haven’t been prescribed, except insulin.
User Name: First initial of First Name + Full Last Name + last 4 digits of SSN
Password: Last 4 digits of SSN