Flexible Spending

Flexible spending accounts are managed by American Fidelity

Plan Year is October 1 - September 30

•  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: 2024 individual maximum contribution $3,200), Dependent Care FSA: 2024 household maximum contribution $5,000 ($2,500 if married, filing separately)

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

• Learn about American Fidelity FSA plans
• American Fidelity phone number: (800) 365-8306