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Flexible Spending Accounts (FSA)
A Flexible Spending Account (FSA) can help you save money on eligible healthcare and dependent care out-of-pocket expenses that you and your family incur during the calendar year. How the FSAs work is, you contribute funds pre-tax, up to the IRS maximum allowed limit, thereby reducing your taxable income, and then you can use those tax-free funds to pay for eligible healthcare and dependent care expenses for yourself, your spouse and eligible dependents. Simply present your Lifetime Benefit Solutions issued Health Spending Card for the purchase of eligible services and goods. Using the debit card allows you to directly tap into your FSA contributions, meaning better cash flow for you and eliminating the need to submit claims and wait for reimbursement. Note, some expenses you incur may require you to submit a receipt for substantiation. You can easily manage your account(s) online or via Lifetime Benefit Solutions’ mobile app.
For those that enroll in Operation Smile’s Health Savings Account (HSA) a Limited Purpose FSA is now available to offer an additional option for employees to manage their healthcare spend.
Guidelines, Eligible Expenses, and Features
How it works
- Estimate your expenses and make an annual election for the accounts that apply to you.
- Your annual election is calculated on a per pay period basis and deducted from your paycheck and deposited into your personal account. Payroll deductions begin from the effective date of your election and continue through the end of the calendar year.
- A Benefit Resource debit card will be issued to all participants.
- When you incur expenses throughout the year, present your debit card for payment.
- Eligible expenses are only reimbursable if they occur on or after the date of benefit eligibility.
How it works Filing Claims and the Reimbursement Process
- Keep all receipts. The IRS requires documentation for many expenses to confirm they are eligible under the plan.
- Use your debit card at the time of service or submit your receipts with a completed reimbursement claim form. Some debit card transactions may still require a receipt.
For more information on FSAs, including available balance, savings calculator,
expense planning worksheets, reimbursement claim forms, and IRS publications, visit www.lifetimebenefitsolutions.com or call their customer service line at (800) 327-7130. You can even download their Mobile App to view your dashboard and manage claims.
