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Q4 2014 Date of Publication: October 15, 2014
TOP 10 TIPS TO MAXIMIZE YOUR FSA
Want to make the most of your health flexible spending account (FSA)? Here’s what you need to know to take full advantage of your FSA each year:
1. When to Re-enroll — The time to re-enroll in an FSA is during your employer’s open enrollment period. Be sure to know when the next open enrollment is, so you’ll be prepared to sign up to keep saving.
2. How Much to Contribute — Being prepared means knowing what amount you’d like to elect during open enrollment. Consider what you’ve spent this year, and what eligible expenses you’ll have during the next plan year to calculate your next election amount.
3. Your Available Funds — A health FSA and dependent care FSA differ on when funds are available. Your health FSA election is available on the first day of the FSA plan year, while your contributions are deducted from your paycheck in equal amounts throughout the year. However, your dependent care FSA funds are only available as the money is deducted from your paycheck.
4. Eligible Expenses — Knowing about the wide variety of eligible FSA expenses helps you stretch your FSA dollars. These expenses are defined by IRS rules and your employer’s plan. Check your employer’s Summary Plan Description (SPD) for the eligible expenses covered under your plan.
5. Saving Your Receipts — It’s important to save proper supporting documentation for all of your FSA expenses. There may be times when you need to verify an eligible expense. Setting up a good filing system for each FSA plan year can help you save documentation with ease.
6. Your FSA Activity — Keep up with your account balance, claims, and other FSA activity in real-time through your online account. Use the sorting option for the details you’d like to see, or print or export (download into a Microsoft Excel spreadsheet) the details for your records.
7. How to Submit Claims — Complete a Request for Reimbursement Form and submit it along with supporting documentation. The easiest way to do this is through your online account. Or if you have an iPhone®, iPad®, or iPod touch®, use our handy MyCONEXIS app. Just download the free app by searching for "MyCONEXIS" in the App StoreSM.
8. Direct Deposit — Sign up and your reimbursement goes right into your bank account once a claim is approved. No more waiting to receive checks in the mail. Simply log in to enroll today.
9. What’s the Coverage Period — Verify the time limit for incurring eligible FSA expenses and filing claims under your plan. Find this information in your online account or by reading the SPD.
10. Online Resources — Your online account provides a wealth of information, and it’s available 24 hours a day, seven days a week. Just click on the My Resources tab to find frequently asked questions (FAQs), a list of eligible expenses, a savings calculator, and more.
iPad, iPhone, and iPod touch are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
Spread the Word
Know coworkers who would benefit from having an FSA? Simply spread the word about how an FSA can save them money on health care or dependent care expenses. Expenses they’re already paying for! Hearing this news during your company’s open enrollment period could encourage your coworkers to sign up and save, too.
CONEXIS Quarterly Subheader
KICKING BUTTS FOR BETTER HEALTH
According to the American Cancer Society, no matter how old you are or how long you’ve smoked, quitting may help you to be healthier. People who stop smoking before age 50 cut their risk of dying in the next 15 years in half compared with those who keep smoking. Ex-smokers also tend to enjoy a higher quality of life by lessening the risk of getting illnesses like colds, flu, bronchitis, and pneumonia.
If you’re thinking about kicking the habit, setting a date and making a plan in advance may help with long-term success.
Set a date. Pick a day within a month of your decision to quit. Many choose the date of the Great American Smokeout (the third Thursday in November each year) as their quit date since there’s so much public awareness and support going on then.
Make a plan. Decide now on your plan. Some options for best success include using nicotine replacement or other medicines, joining a stop-smoking class, using self-help materials such as books, pamphlets, and online resources, or some combination of these methods.
Your FSA may even be able to assist you with your plan of action. You can use your health FSA dollars toward an eligible smoking cessation program, nicotine replacement, or other medicines (if prescribed to treat a diagnosed health condition). Plus, over-the-counter drugs, including nicotine gum or patches, are eligible expenses when prescribed by a doctor. Learn more on our website.
Source: American Cancer Society
FSA TIP
Have a question about your FSA? If so, check out the Message Center tab in your online account. Use this feature to quickly see our contact information or send us an electronic message. You’ll receive an email when you submit a request. Then, we’ll send you another email when you can view our response.
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CONEXIS uses reasonable efforts to ensure that the information provided in this document is accurate as of the date of publication.
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