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Neither is the case. Health care flexible spending accounts and dependent care flexible spending accounts are use-or-lose accounts. The IRS requires the money you set aside as a salary deduction be spent during a specific benefit period. You have until the end of the benefit period to incur expenses for the balance in your account. After the end of the benefit period and after the deadline for submission of claims, all money not spent or reimbursed is forfeited. You are not refunded the remaining balance and it does not roll over.
However, there are ways to reduce your risk. FSAFEDS gives you until March 15 of the following year, or 14 and a half months, to incur eligible expenses. Similarly, you have until April 30, or 16 months since the start of the benefit period, to submit your claims. If you calculate your eligible expenses carefully and contribute conservatively, you are less likely to have unspent health care flexible spending accountor dependent care flexible spending account dollars.
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No. Parents of enrollees are not eligible family members under FEDVIP.
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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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Yes, depending on your needs and the needs of your family, you may enroll in a FEDVIP dental plan, a FEDVIP vision plan, or both.
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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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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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Yes.
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No, your FSAFEDS contributions are deducted in equal installments throughout the year, or you can accelerate your allotments during the beginning of the year if you choose. You cannot begin contributing in the middle of the year unless you enroll in the middle of the year due to a Qualifying Life Event.
All of your health care FSA funds are available for reimbursement on January 1 of the benefit period. Dependent care FSA funds, on the other hand, are only available up to the amount you have contributed to date.
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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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There are six nationwide and four regional dental plans available. There are also four nationwide vision plans available.
You can review each
dental plan brochure and
vision plan brochure on OPM's FEDVIP website.
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The dental carriers are:
- Aetna Life Insurance Company;
- Delta Dental;
- Dominion Dental;
- FEP BlueDenal;
- Government Employees Health Association, Inc. (GEHA);
- MetLife Inc.;
- United Concordia Companies, Inc.;
- Group Health, Inc.;
- Humana.; and
- Triple-S Salud, Inc.
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All vision plans are available nationwide. The following dental plans are available nationwide:
- Aetna Life Insurance Company;
- Delta Dental;
- Government Employees Health Association, Inc. (GEHA);
- MetLife Inc.; and
- United Concordia Companies, Inc.
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The following dental plans are available in specific regions:
- Humana is available in Alabama, Arizona, Arkansas, California, Colorado, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, parts of Maryland, Missouri, Mississippi, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Virginia, and West Virginia.
- Emblem Health (formely GHI_ is available in all of New York, Northern New Jersey (counties of Bergen, Essex, Hudson, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, and Union), Connecticut (counties of Fairfield, Litchfield, New Haven), Pennsylvania (counties of Pike and Monroe).
- Triple-S Salud, Inc. is available in Puerto Rico.
- Dominion is available in Mid-Atlantic States of District of Columbia, Delaware, Maryland, Pennsylvania and parts of Virginia and New Jersey
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