Flexible Spending let you set aside pre-tax dollars from your paycheck to pay for many health care and dependent care expenses. By paying for these expenses with pre-tax dollars, you reduce the amount of your taxable income and increase your take-home pay. You can find the basics of our offered Flexible Spending plans on page 11 of your Benefits Guide. Comfortable with the basics? Take a look at our Flexible Spending Plan details document. Still want more information? Learn more about the Health Care and Dependent Care Flexible Spending Accounts (FSA) offered by Uplift Education and administered by TASC below!
Both Flexible Spending Account options come with a debit card, to make payment and claims processing even easier!
Health Care Flexible Spending Account (HCFSA) Overview
A Health Care FSA (HCFSA) can be a valuable tool when it comes to paying for out-of-pocket medical, dental, and vision expenses. Think of it as the Health Savings Account‘s cousin: similar family but different in its own right. A Flexible Spending Account allows you to save money on a tax-free basis and set aside up to $2,750 annually for eligible expenses.
You may contribute up to $2,750 annually and you have that full amount available at the beginning of the plan year to pay for eligible expenses. Each pay period, a pre-tax deduction will be taken out of your earnings and placed into your HCFSA. Keep in mind that this is a use-it-or-lose-it account: at the end of the year, you can only rollover up to $500 of your account balance, so please review the HCFSA Eligible Expenses list and the TASC Guide to Deductible Expenses carefully. Your Medical FSA will terminate as of the date your employment terminates. Eligible medical services provided prior to your date of termination will still be eligible for reimbursement, but services provided after the date of termination will not be eligible unless you are eligible for and elect to continue coverage under COBRA. Because this account provides you a tax benefit, you must keep all receipts for expenses paid with the account in the event that you need to provide proof of the claim.
If you elect TRS-ActiveCare Primary, TRS-ActiveCare Primary+, TRS-ActiveCare 2, Scott & White Health Plan, or if you are not covered through an Uplift Education-provided Medical plan, then you are eligible to enroll in the HCFSA Account. Please note: If you are on TRS-ActiveCare HD, you are not eligible for this benefit. However, you may participate in the Health Savings Account (HSA).
Want to know more about HCFSA? Check out the video below:
Please Note: HCFSA limit for 2021 is $2,750
Dependent Care Flexible Spending Account (DCFSA) Overview
Another Flexible Spending Account benefit that you are offered is a Dependent Care FSA (DCFSA). You can use this account to save money for dependent care expenses if you have dependent children (up to age 13) or an adult for whom you are the guardian. This account differs from the HCFSA because it is not pre-funded (in other words, you can only use the money from this account once it has been deposited into the account, similar to a checking account). Please ensure you review the plan details document listed above carefully for restrictions that may apply, as well as the DCFSA Eligible Expenses guide. You have the option of electing up to $5,000 annually ($2,550 for married spouses filing separately). Each month an even deduction will be available to use towards dependent care accordingly. Please make sure you review the plan and its limitations carefully: like all other pre-tax benefits, once you have completed your elections, you may not make a change until the next Open Enrollment period. Keep in mind that this is a use-it-or-lose-it account.
Want to know more about DCFSA? Check out the video below:
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Your 2021-22 Uplift Education Benefits Guidebook is available here. Click to view valuable information on plan options, coverage options and rates! (Download unavailable.)