What is a Flexible Spending Account (FSA)?

An FSA is an arrangement that allow employees to pay for many out-of-pocket qualified medical expenses with tax-free dollars.

FSAs are employer-owned, you do not have to be enrolled in an HDHP to be eligible for a health FSA. You decide how much of your pre-tax wages you want taken out of your paycheck, up to $2,750 per year or your employer’s established limit but this amount is indexed annually by the IRS. The employer can establish the types of expenses the health FSA’s funds can be used for. It is a "use-it-or-lose-it" system which means unused funds may be forfeited by year’s end. Employers may allow employees to roll over $550 of unused funds, and employers may allow a grace period of up to 2.5 months to use last year’s funds.

If you need assistance with your benefits plan please contact your insurance agent. All OMS benefits are provided by Acentria Insurance.