Start Here:
For preliminary information on Flexible Spending Accounts(FSA's) please click here to view the current benefits guide.
More About Flexible Spending Accounts(FSA's):
2024 Electable Amount Maximums:
Flex Spending Medical: $3200
* Can carry over $640 of 2024 plan year elections into following year*
Flex Spending Limited: $3,200
Dependent Care FSA: $5,000
*This is amount may be reduced for those who meet HCE requirements*
How Flexible Spending Accounts (FSA) Save You Money
|
Not Enrolled in FSA |
Enrolled in FSA |
Benefits |
Before Tax Annual Income |
$38,000 |
$38,000 |
|
FSA Contribution |
$0 |
-$2,750 |
FSA funded by pre-tax dollars |
Taxable Annual Income |
$38,000 |
$35,250 |
|
Federal Income Tax (15%) |
-$5,700 |
-$5,288 |
Pay less in Federal Income Tax |
State Income Tax (5%) |
-$1,900 |
-$1,763 |
Pay less in State Income Tax |
FICA Tax (7.65%) |
-$2,907 |
-$2,697 |
Pay less in FICA Tax |
Out-of-Pocket Medical Expenses |
-$2,750 |
$0 |
|
Take Home Annual Income |
$24,743 |
$25,502 |
Take home income increases by $759 |
VENDOR INFORMATION
Flex Spending Medical
Why Should I Enroll in a Medical FSA:
Eligible employees may elect up to $3,200* in 2024 to set aside pre - tax for medical expenses. By avoiding taxes on those funds, many families may save 30% or more, which can easily save you over $600 per year.
The account can be used for medical expenses for yourself, your spouse, or your children up to age 26. You can enroll whether you are on your employer’s medical plan or not.
Qualifying and Non Qualifying Expenses underneath a Medical FSA:
FSA Medical funds can cover costs for:
- doctor and hospital bills
- prescription drugs
- eye exams
- glasses and contacts
- dental checkups and procedures
- many over the counter medical supplies
- chiropractic care
- and more!
FSA Medical funds cannot be used for:
- cosmetic products or procedures
- expenses for services that occurred before the plan year starts
- vitamins or supplements (unless prescribed)
Flex Spending Limited
- Flex Spending Limited Accounts were exactly like Flex Spending Medical Accounts. The difference is that Flex spending limited accounts can be used for dental and vision expenses only.
Pairing a Limited Flex Spending Account with your HSA
As a member of the HDHP and with the HSA election, you may also elect a Limited Flex Spending Account. Contributions to the Limited Flex Spending Account can be used for vision and/or dental expenses only and must be used for expenses by December 31st of the plan year.
Dependent Care Spending Account
Why Should I Enroll in a Dependent Care FSA:
Working parents may elect up to $5,000 each year to set aside on a pre-tax basis for childcare expenses. By avoiding taxes on those funds, many families may save 30% or more, which can easily save you over $1,000 per year.
The account can be used for childcare expenses you incur, while working, for your children under age 13 or an older dependent (e.g. an older child or parent) if he or she is physically or mentally incapable of self-care.
Dependent Care funds can cover costs for:
- Day Care Center
- Preschool
- Before and After School Care
- Day Camp
- Babysitter
- Nanny
-
Au Pair
These expenses have to be primarily for the care of the child. Dependent Care funds cannot be used for:
- Overnight camp
- Kindergarten
- Housekeeper
- Educational services
- Summer School
- Tutoring Programs
- Boarding School
- and Care provided by any individual who is your child under age 19
- or anyone you claim as a dependent for federal tax purposes.
Setting Up Your Flexible Spending Accounts:
Set up your online at www.chard-snyder.com and follow the directions in this Participant Online Account Access guide.
Once you have enrolled online, you can also download the Chard Snyder Mobile App at the App store or Google Play by searching "Chard Snyder Mobile"
Once enrolled you will be able to:
- View your account balance and transaction history
- Submit and view claims
- Upload and store receipts
- Make contributions
- Invest HSA funds
- View important alerts and communications
- Sign up for direct deposit
- Sign up for text message alerts
Questions about your FSA:
Our HSA administrator is Chard Snyder, a WEX Company. At their website, you can check account balances, print commonly used forms, and view a listing of eligible expenses. To access the portal, go to www.chard-snyder.com and click the blue Login button in the upper right corner of the page.
Chard Snyder, a WEX Company
PO Box 2924
Fargo, ND 58108
Ph: 800-982-7715
Fax: 888-245-8452 (Please do not include a Fax Cover Sheet)
Email: askpenny@chard-snyder.com