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No. Your employing agency covers the administrative cost, so you can enroll for free.
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The dependent care flexible spending account maximum annual election is $5,000.00 per household or $2,500.00 if married, filing separately. One of you can elect $5,000 and the other can make no election. Or, each of you can elect $2,500 or any combination as long as the household’s total election no more than $5,000.
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If your FEHB health plan does not participate in paperless reimbursement, youmust submit claims manually to FSAFEDS through mail, fax, or email.
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Yes, you can enroll in FSAFEDS in your name if you are a Federal employee and your agency participates in FSAFEDS. Even though your husband is retiring, you can enroll in FSAFEDS and it will cover eligible expenses incurred by both you and your spouse. However, as a Federal retiree, your husbandwill not be able to enroll in FSAFEDS in his own right. Annuities are not considered income so IRS law makes annuitants ineligible for FSAFEDS.
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No, you do not have to inform your FEHB health plan. FSAFEDS will notify your FEHB health plan if your FEHB health plan participates in paperless reimbursement.
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Yes, if you enroll during the Open Season, your health care flexible spending account will reimburse you for eligible expenses incurred January 1 of next year to March 15 of the following year
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No, transportation to and from daycare is not an eligible expense, no matter your child’s age.
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No. If you use your health care flexible spending account to pay for eligible expenses, you cannot deduct those same expenses from your federal income tax return. Keep in mind that by IRS law, you are only allowed to deduct medical expenses that exceed 10% of your gross income. The advantage of the health care flexible spending account is that you can get a tax benefit on health expenses below that threshold.
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No, you can only use this year's FSA funds to pay for an eligible expense incurred during this year, even if you have a payment plan going beyond this year. Remember, though, that each benefit year has a grace period from January 1 to March 15 of the following year. If you continue to make payments between January 1st and March 15th , you can get reimbursed with your remaining FSA funds from the previous year.
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Yes, this is one of the few qualifying events that will allow you to enroll in an FSA outside of the annual Open Season.
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