Flexible Spending Account
Sometimes referred to as a Cafeteria Plan, Flex Plan, or a Section 125 plan — a Flexible Spending Account (FSA) allows you to set aside a specific amount from your paycheck, before paying taxes, and have it deposited into an FSA account for reimbursement of your qualifying medical, dental and/or dependent daycare expenses. The maximum contribution limit for medical and dental is $2,750 and $5,000 for dependent care. We use TASC.
Use It or Lose It
Estimating your annual out-of-pocket amount of medical, dental and vision and/or daycare expenses will be important, as FSAs operate under the “use it or lose it” IRS rule. SPS has a grace period of 70 days in which you can continue to utilize the previous year’s funds. All claims must be submitted by day 90 in the new year. Funds that are not claimed during that frame time are forfeited. The plan year is January 1 through December 31 and you have until March 11 to incur claims and would have to file the claims no later than March 31.
FlexSystem Savings Calculator: https://www.tasconline.com/biz-resource-center/tasc-calculators/tasc-flexsystem-calculator/
My TASC Help: https://www.tasconline.com/biz-resource-center/help/
The TASC card allows employees who participate in a pre-tax medical flexible spending account to use it to pay for qualifying medical expenses. Employees participating in the FSA will be charged a $3.00 per month administration fee by TASC regardless of use.
TASC Mobile App
Gives you anytime, anywhere convenience so you can make the most of your benefits. With the TASC Mobile app you will be able to check FSA balances; file FSA medical claims; upload receipts using the camera on your device; view account activity; and receive text alerts.