FAQs

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• How does a LEX HCFSA save me money? Open Closed

  IRS rules do not allow you to contribute to a Health Savings Account (HSA) if you are covered by any non-qualifying health plan, including a general-purpose Health Care FSA. By limiti… Read more…the full answer

• How much can I contribute to my LEX HCFSA? Open Closed

  With a LEX HCFSA, you can set aside anywhere from a minimum of $100 up to $3,400 per benefit period (plan year). As with a Health Care FSA (HCFSA), the maximum annual allotment for a LEX HCFSA is $3,400 per covered employee, … Read more…the full answer

• When is my LEX HCFSA available and how do I know how much money is available? Open Closed

  This depends on when you enrolled in your LEX HCFSA. If you enrolled during Open Season, your account is available on the first day of the benefit period. If you are a new employee, your LEX HCFSA is activated once you've enrolled and your … Read more…the full answer

• How does carryover impact a LEX HCFSA? Open Closed

  The most significant change is that expenses reimbursed with carryover funds must be incurred between January 1 (or your effective date) and December 31 (or your separation date). In addition, you must reenroll each year to have access to any car… Read more…the full answer

• What type of expenses are eligible for reimbursement with funds that are carried over? Open Closed

  Carryover funds can be used for the same eligible dental, and vision expenses that are covered with your Limited Expense Health Care FSA. For a complete listing of eligible expenses, please refer to … Read more…the full answer

• How do I know I have a carryover balance? Open Closed

  Simply log in to your online account of the FSAFEDS app. Your account balance, including your carryover balance, … Read more…the full answer

• Who is a qualifying dependent for a DCFSA? Open Closed

  A qualifying dependent for a Dependent Care Flexible Spending Account (DCFSA) is your tax dependent who is: A child under age 13 Your spouse or other tax dependent (regardless of age) who is mentally or phys… Read more…the full answer

• Does a DCFSA or the Dependent Care Tax Credit provide better savings? Open Closed

  It depends on your particular tax situation. You may apply up to $3,000 of expenses paid in a year for one qualifying individual, or $6,000 for two or more qualifying individuals to your taxes through the Dependent Care Tax Credit. If you h… Read more…the full answer

• How much do I have to earn to have a DCFSA? Open Closed

  Under IRS rules (see IRC Sections 129(a)(2)(A) and 129(b)(1)), the maximum amount that can be elected for a DCFSA is limited to the lesser of: $7,500 for single individuals or married couples filing joint returns; … Read more…the full answer

• When is my DCFSA available to me, and how do I know how much is in my account? Open Closed

  This depends on when you enrolled in your DCFSA. If you enrolled during Open Season, your account is available on the first day of the benefit period. If you are a new employee, your DCFSA is activated once you've enrolled and your employme… Read more…the full answer