Participating in an FSA gives you the opportunity to pay for eligible health care and dependent care expenses on a tax-free basis, which means your contributions are deducted from your paycheck before federal, most state, and FICA taxes are withheld. By setting aside money on a pre-tax basis, you lower your taxable wages.
Manage Your FSA
Your Healthcare Flexible Spending Accounts (HCFSA), Dependent Care Flexible Spending Account (DCFSA) and Commuter Benefit Plans are managed by MyChoice® Accounts.
MyChoice Accounts can be managed directly on the benefits website or through the MyChoice benefits app. You’ll be able to view balances, track claims, submit reimbursement requests and even pay providers directly—all from the same benefits portal.
Health Care FSA
You can contribute to a Health Care FSA if you choose a PPO medical plan or decline medical coverage altogether.
Eligible expenses include copayments, office visits, healthcare plan deductibles and some over-the-counter medications.
Limited Purpose Health Care FSA
You can enroll if you choose an HSA-based medical plan and it can be used in conjunction with an HSA.
Funds can only be used for covered dental and vision expenses incurred by you and your eligible dependents.
Dependent Care FSA
Use your Dependent Care FSA to get reimbursed for dependent day care and/or after school care services for eligible children under age 13 and elderly dependent relatives who live with you. This is NOT an account you would use for your dependents’ healthcare expenses.
You may elect to contribute annually from $120 up to $7,500 per calendar year.
Please note that this plan is subject to IRS discrimination testing which could impact the amount you are able to elect. You will be notified by the Benefits Department if your elected amount is impacted.
You can use the Dependent Care FSA or the Child and Dependent Care Tax Credit, but not both. Talk to your financial advisor to determine which is right for you.
Commuter Benefit Plan
This plan allows you to set aside pre-tax dollars for qualified transit, vanpooling and parking expenses.
Transit and Vanpooling
Transit and vanpooling benefits let you pay for transportation to and from work with tax-free money. Examples of eligible transportation for transit benefits include train, bus, subway and ferry. You can use up to $340 monthly for transit and vanpooling expenses.
Parking
Save money when you pay for parking at or near your regular work location. You can also use commuter benefits plan dollars for the cost of park and ride facilities. You can use up to $340 monthly for parking expenses.
Please note: Gasoline is not an eligible expenses for either of these plans.
Important Items Regarding Your FSA
The IRS applies “use it or lose it” rules! This means if you do not use all the money you elect to deposit into your FSA, the unused balance will be forfeited at the end of the plan year’s grace period. The grace period for the plan year includes a 2 1/2 month extension, extending your time to incur and submit eligible claims to March 15 of the following calendar year. Therefore, please plan and elect your annual amount carefully.
Teammates enrolled in an HSA-eligible medical plan option cannot contribute to both a Health Care FSA and an HSA. If you enroll in an HSA, you will be eligible to enroll in a Limited Purpose FSA. A Limited Purpose FSA can be used for dental and vision expenses only.
As this is a pre-tax deduction, once your election is made it cannot be changed unless you have an eligible qualifying life event.
If you participate in both a Health Care and a Dependent Care FSA, you cannot transfer money between your two accounts or use money in one to pay expenses for the other.
