Using Your FSA
A flexible spending account (FSA) is a spending account that lets you set aside money on a pre-tax basis to pay for qualified expenses. With an FSA, a portion of your paycheck is deposited in one or more account on a pre-tax basis. You can then use these funds to pay for out-of-pocket eligible expenses.
Health Care FSA vs. Dependent Care FSA
There are two types of FSAs: health care FSAs and dependent care FSAs. A health care FSA helps you save money on eligible health expenses and a dependent care FSA helps you save on eligible dependent care expenses. For both types of FSAs, you choose how much pre-tax money you would like to contribute to the account(s), up to the annual limit.
You can participate in any FSA your employer offers, as long as you are eligible to participate. Review your My Company Plan to see what accounts you are eligible for. To access your My Company Plan:
- Log in to your online account
- In the main menu, select BESTflex Plan under the Account Information section
Health Care FSA
With a health care FSA, you may have the choice to enroll in either a standard health FSA or a limited health FSA. The difference between a standard health FSA and a limited health FSA is the types of eligible health expense that are covered.
- Standard Health FSA Eligible Expenses
Eligible medical, vision, and dental expenses not covered by another health plan - Limited Health FSA Eligible Expenses
Eligible vision and dental expenses not covered by another health plan
Dependent Care FSA
A dependent care FSA covers day care expenses for children or other eligible dependents.
To qualify for a dependent care FSA, you (and your spouse, if you’re married) must be working, looking for work, or be a full-time student. When you enroll in a dependent care FSA, you pay for your eligible day care expenses out-of-pocket and then are reimbursed after completing a claim form. Claims for reimbursement can be submitted through your online account or on our mobile app.
FSA Savings
With an FSA, you save approximately 30%* on your eligible expenses, making a $1,000 expense cost you about $700. You get these savings because the contributions you make to your FSA are exempt from Federal, State, and FICA payroll taxes.
*This tax example is a broad approximation of tax liability. Further, your contributions may be subject to state income tax in some states. Your specific savings depend on your tax bracket. You should consult a tax advisor for help with your own situation. Current IRS tax laws control all pre-tax payment and contribution matters and are subject to change.
Getting Started with Your FSA
Now that you have your FSA, set yourself up for success with these FSA best practices.
Set Up Your Online Account
This is the easiest way to manage your benefits. To learn more about setting up your online account, visit www.ebcflex.com/fsaonlineaccount
Download EBC Mobile
Download from the App Store or Google Play. Use your existing online account information or register for a new account.
Set Up Direct Deposit
Get your money faster and have your reimbursement funds deposited electronically and securely in your checking or savings account. Learn more about setting up direct deposit at www.ebcflex.com/directdeposit
Add Authorized Users
Once you have registered your online account, you can add an authorized user to your FSA. Authorized users are able to ask questions about your accounts. To add an authorized user, complete the Participant Authorization Form available at www.ebcflex.com/forms.
Save Your Receipts
You may be asked to share documentation that verifies that your expenses are eligible. Expense documentation must include: date(s) of service(s), type of expense, amount of the expense incurred, and the name of the service provider.
Start Using Your FSA
Access www.ebcflex.com/eligibleexpenses to verify the types of expenses eligible for payment from your FSA.