Flexible Spending Accounts (FSA)

Take control with a Flexible Spending Account from your employer and Blue Healthcare Bank

Flexible Spending Accounts (FSA) enable you to reduce your taxable income and pay certain eligible medical, dependent care and/or transportation and parking expenses with pre-tax dollars. Internal Revenue Service (IRS) rules allow contributions to your account(s) through payroll deduction on a pre-tax basis before the Federal income tax, Social Security or (in most cases) state withholding taxes are assessed.

Types of FSAs

• Healthcare Flexible Spending Accounts allow you to set aside pre-tax funds on an annual basis to pay qualified healthcare expenses. The funds can be used to pay medical, dental and vision expenses not covered by insurance.
• Dependent Care Reimbursement Accounts allow you to set aside pre-tax funds to pay qualified dependent care expenses, such as child care, elder care, etc.
• Transportation and Parking Reimbursement Accounts allow you to set aside pre-tax dollars to pay work-related parking, transit passes and van pooling costs. The elected amounts are deducted from your gross income prior to the Federal, state and FICA calculations.

Advantages of an FSA
Contributions to your FSA are deducted from your paycheck and deposited before taxes are calculated. Your taxable income is reduced because Federal income tax, Social Security taxes and (in most cases) state and local income taxes are not assessed to the portion of your paycheck contributed to your FSA.

Accessing your FSA Funds
Your FSA dollars are accessible by several methods:

• Self-reimbursement or manual submittals are available. A copy of your Explanation of Benefits or copies of your receipts for prescriptions or non-covered health-related expenses must be provided.
• Your funds can also be accessed by auto-reimbursement of any Blue Cross company-submitted claim. This process is determined by your employer-based specific plan.
• Your Blue Healthcare Bank debit card enables you to access your FSA funds at any point of service (provider or merchant) that accepts debit cards as a method of payment for qualified expenses. This option is determined by your employer-based specific plan.
  

If you have questions or concerns about your account you may contact our Customer Service at info@bluehealthcarebank.com.