FSA

Flexible Spending Account (FSA)

An FSA allows you to set aside pre-tax dollars to pay for eligible health care and work commute expenses. Each year, you must elect the annual amount you want to contribute to the account. Your contributions will be deducted pre-tax from your paycheck which can help reduce your taxable income.

Health Care FSA

The Health Care FSA will reimburse for eligible out-of-pocket health care expenses that you, your spouse, and your children incur during the plan year. When you incur an eligible expense, you can use your iSolved debit card and/or submit documentation for reimbursement.

How iSolved FSA Works

Choose Your Amount

Decide how much pre-tax money you want to set aside for the year.

Fund Your Pre-Tax Account

Your full FSA annual election is available at the start of the plan year.

Contribute Each Pay Period

Your election is deducted from your paycheck throughout the year.

Pay for Eligible Expenses

Use your FSA debit card to pay for eligible health & wellness expenses.

Rules to Keep in Mind

FSAs offer significant tax advantages, but are subject to IRS regulations:

  • All expenses for the Health Care FSA must be incurred during the plan year: January 1 through December 31. All claims for the previous year must be submitted by March 31.
  • At the end of the calendar year, you may roll over up to the IRS maximum of $680 of unused Health Care FSA funds. Any remaining funds above this amount will be forfeited.
  • Once you enroll in the FSA, you can only change your contribution amount during the plan year if you experience a qualified life event.
  • Each account functions separately. You cannot transfer funds from one FSA to another.

FSA-Eligible Expenses

Not sure how to use Health Care FSA money to cover out-of-pocket health care expenses? There are so many ways! See the examples below or find the complete list on the IRS website.

Doctor’s Office Visits

Copays and coinsurance

Prescription medications

Deductible expenses

Urgent care visits

Lab work and X-rays

Dental & Vision

Dental cleanings, fillings, crowns

Orthodontia (braces, Invisalign)

Eye exams

Glasses and prescription sunglasses

Contact lenses and solution

LASIK surgery

 

Over-the-Counter Medications

Pain relievers (Advil, Tylenol)

Allergy medicine

Cold and flu medicine

Antacids

First aid supplies

Thermometers

Blood pressure monitors

Family & Women’s Health

Pregnancy tests

Breast pumps and supplies

Ovulation monitors

Menstrual care products

And More!

Sunscreen (SPF 15+)

Acne treatment

Heating pads

Orthopedic shoe inserts

Compression socks

TENS units

Commuter Plan

The commuter benefits program allows employees who commute to and from work to set aside pre-tax funds to pay for work-related transit and parking expenses. Eligible expenses for the commuter benefit include transit passes, fare cards, ticket books, and vanpool expenses.

Maximum Monthly Contribution

Amy’s matches your commuter contributions up to $50 per month.

Parking Transit
$340 $340

 

iSolved Benefit Services

Documents