• How It Works
• Eligible Expenses
• Potentially Eligible Expenses
• Ineligible Expenses
• Medical Claim Submission Tips
• Dependent Care Expenses

The out-of-pocket medical and dependent care expenses that you pay each year can quickly add up to hundreds, or even thousands, of dollars. Ordinarily, these expenses are paid with after-tax money. When your employer offers a SelectAccount Flexible Spending Account (FSA) plan, you can use pretax salary dollars to pay for these expenses — often at significant savings for your family.

Significant Savings

With an FSA, the money you are using to pay for medical and/or dependent care expenses is tax-free. You pay less in federal, state and FICA taxes throughout the year. As a result, you may have more disposable income.

Medical Expenses

Your medical FSA can be used to cover a variety of medical expenses incurred by you, your spouse and your dependents. Doctor visits, chiropractor fees, prescription drugs, dental care and vision care are all eligible medical expenses.

Dependent Care Expenses

Eligible dependent care expenses include in-home child care, payments to licensed day care facility, before- or after-school programs or elder care.

How It Works

During the enrollment period, you estimate how much you expect to spend on medical and dependent care expenses during the plan year. That money is deducted from your salary on a pretax basis throughout the year. When you incur an expense, you submit a claim to SelectAccount. If you have funds in your account and the expense is eligible under your account, you will be reimbursed for the cost. Find out more about how a Flexible Spending Account works.

 

Note: An FSA may disqualify you from having a Health Savings Account.