If you enroll in the PPO1 Plan or PPO2 Plan or you waive medical coverage, you can participate in the Health Care FSA. This account lets you set aside pre-tax money for medical, dental and vision out-of-pocket expenses not covered by your insurance for you or any eligible dependents. FSA contributions are deducted from your paycheck before you pay federal, state, city or Medicare taxes. Because your taxes are calculated on a lower income, you should pay less tax.
Health Care Flexible Spending Account
How the Health Care FSA Works
Contribute
Choose how much to contribute when you enroll. Choose carefully because you can’t change your contribution amount throughout the year, and you lose any money left in your account at the end of the year.
The maximum amount you can contribute to a Health Care FSA for 2024, as determined by the IRS, is $3,200. The money is then deducted from your paycheck throughout the year in equal amounts before taxes are calculated.
Pay
Use your Health Care FSA to pay for eligible medical, dental and vision expenses — tax-free.
You can either pay your expenses and get reimbursed or use your FSA debit card at the time payment is incurred. Be sure to keep your itemized receipts to substantiate your claims, as required by the IRS.
Spend
You can incur expenses through December 31 each year. (Expenses are eligible only if they were incurred while you were enrolled in the FSA.) You must submit expenses by March 31 of the following year. Any unused funds will be forfeited.
Contacts
Flexible Spending Accounts
Check your balance, file a claim.
Log on to ITWemployee.com, then click on the Flexible Spending Account icon under the Benefit Provider Websites drop-down.