What is the Health Care Flexible Spending Account?
This is the Health Care Flexible Spending Account (HCFSA), which allows you to set aside an amount each month through payroll education on a pre-tax basis, to cover expenses that qualify for reimbursement. You are reimbursed with pre-tax dollars for medical expenses not covered by a health plan. To enroll, designate your monthly contribution amount on the enrollment form.
This reimbursement account allows you to prepay a set amount each month through payroll deduction to cover your anticipated medical expenses that qualify for reimbursement. The Health Care Flexible Spending Account information gives you examples of how this can save you money by setting aside money from your pay before it is taxed to pay medical expenses. You’ll need to be careful in estimating your medical expenses, though, because you must submit valid expenses for at least that amount during the year to avoid losing money. This information also gives you: • More tips on how to avoid overestimating your expenses, • How to submit expenses for reimbursement and • How to sign up for and use the optional “Convenience Card” (available in the open enrollment period) to draw directly from your prepaid account to pay certain covered expenses. To enroll, list your monthly contribution amount on the enrollment form or online using the Employee Self- Service (ESS) Portal in BEACON. How do I kno
