FAQs

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Page 6 of 23, Showing 10 Results

• What is the eligible period for incurring expenses towards my LEX HCFSA with carryover? Open Closed

  Expenses must be incurred January 1 - December 31 in a benefit period (plan year). There is no longer additional time to incur expenses. Rather, balances of $680 or less will be carried over to the next year. You will be ab… 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

• When do I have access to my carryover funds? Open Closed

  If you reenroll in a Limited Expense Health Care FSA, your carryover funds will be available on the first day of the new plan year - that's January 1. The amount that's carried over is determined at the end of any run-out period for the previous … Read more…the full answer

• What happens if my carryover funds are not used? Open Closed

  Your carryover funds will carry over year-to-year. The total carryover balance cannot exceed $680 at any time. If you have more than $680 left in your account, the unused funds that aren't carried over will be forfeited. To carry over… Read more…the full answer

• I meet the requirements of a Qualified Reservist. Do the same carryover rules apply for the Health Care FSA and the Limited Expense Health Care FSA? Open Closed

  Yes. Carryover rules apply to Health Care FSAs and Limited Expense Health Care FSAs.… Read more…the full answer

• What is a Dependent Care FSA? Open Closed

  A Dependent Care FSA (DCFSA) is a pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after-school … Read more…the full answer

• What expenses are eligible for reimbursement under a DCFSA? Open Closed

  You can use DCFSA funds to pay eligible dependent care expenses for care of your dependent children under age 13, or for a person of any age whom you claim as a dependent on your federal in… Read more…the full answer

• What expenses are NOT covered by DCFSA? Open Closed

  Examples of ineligible DCFSA expenses include: Education or tuition fees Expenses for children age 13 and older Late payment fees Overnight camps Payment for services not yet provided (*payment in a… 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