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Flexible Spending

Flexible spending accounts are managed by American Fidelity

Flexible spending accounts are managed by American Fidelity iconFlexible spending accounts are managed by American Fidelitytitle

Plan Year is January 1 - December 31
  •  Designate amount to put into account and you contribute per pay period
  • Total amount designated is available to claim as of eligibility date (start date)
 
Tax Saving Benefits
  •  Regulated by Internal Revenue Code Section 125
  • Set aside money tax free to pay for you normal out-of-pocket expenses
  • There are 2 types: Unreimbursed Medical Accounts (also known as Health FSAs: $2,500), Dependent Care FSA: $5,000 ($2,500 if married and file a separate tax return)
 
IRS Regulations
  • Use it or lose it rule
  • Expenses must be incurred during the Plan Year
  • Separate plan accounts for Health Care & Dependent Care
  • Reimbursement is done by completing reimbursement form and save receipts
 
Resources
  •  American Fidelity
  • American Fidelity phone number: (800) 365-8306