Flexible Spending Account (FSA)
An FSA helps your pre-tax dollars go further for qualified expenses.1
A Health Flexible Spending Account (FSA) can help you save money on healthcare expenses —by letting you use pre-tax dollars to pay for qualified out-of-pocket healthcare expenses for yourself, your spouse and your dependents. [You can enroll in an FSA during open enrollment from XX/XX to XX/XX or upon the occurrence of a qualifying event.]
What you need to know about an FSA
An FSA helps your pre-tax dollars go further for qualified expenses.
- Use pre-tax dollars from your paycheck to pay for out-of-pocket healthcare expenses
- Tax-free withdrawals for qualified healthcare expenses and have more money available for you.
- You can withdraw the full year amount of their elected contributions on Day 1 (whether or not you have actually made any contributions)
Expenses covered
Healthcare expenses can really add up. That’s a good reason to take advantage of an FSA. It lets you use pre-tax dollars to pay for out-of-pocket qualified healthcare expenses, such as:
- Copays, coinsurance and deductibles
- Office visits, X-rays and lab work
- Qualified vision and dental expenses
- Prescriptions and over-the-counter medications and supplies
- Other qualifying items such as blood pressure monitors and diabetes testing supplies
Valuable features
Accessing and using your FSA is easy and convenient
- Seamless enrollment process and account setup
- Easy payments using a single, smart, multipurpose debit card that knows which of your accounts to tap into
- 24/7/365 account access through the easy-to-use online portal and mobile appEnhanced mobile app technology with the ability to scan bar codes to determine eligible expenses
- Tailored educational resources and decision support tools and one-click answers to your benefits questions
Flexible Spending Account FAQs
Pre-tax dollars are funds from your paycheck that are credited to your FSA before taxes have been taken out. Since you’re not paying taxes on money you contribute, you end up with more money to use for qualified expenses.
Contributions are automatically transferred from your paycheck and credited to your FSA. These funds can then be used for qualified expenses.
The contribution maximum for [2023] is [$3,050].2 Your contribution should be determined by how much you anticipate in out-of-pocket expenses for the year and how much you can afford to have deducted from your paycheck.
There are three ways to pay for expenses. You can use a smart debit card which is connected to your account. You can also pay providers directly through your FSA online portal or submit receipts for reimbursement.
You can use FSA funds for a range of out-of-pocket expenses. These include copays, coinsurance and deductibles; office visits; hospital bills; prescriptions; over-the-counter medicine and drugs, qualified dental and vision care; diagnostic items such as diabetic testing supplies; and more.
You’ll have 24/7/365 online access to account information through the online portal and mobile app. You’ll be able to view details on your contributions, balance and spending. You can download the MetLife HS&SA app for your device from the Apple app store or Google Play and login using the password you use to access the online portal.
[Funds not used to cover qualified expenses by the end of the calendar year will be forfeited.] [Funds not used to cover qualified expenses by [DATE] will be forfeited.] [Funds in excess of [$610] not used to cover qualified expenses by the end of the calendar year will be forfeited, however your employer allows you to rollover up to [$610]].
Expenses must be incurred before your termination date to be eligible for reimbursement (unless you are eligible for and choose COBRA continuation coverage of your FSA). You can apply for reimbursement from your FSA funds for eligible expenses until your account is depleted or the claim period established by your employer expires.
1 See IRS publication 502 available at http://www.irs.gov/pub/irs-pdf/p502.pdf for information about eligible dependents and a list of qualified expenses. In addition, there may be legislation or additional publications that may modify or expand available qualified expenses. Please refer to your employers’ plan document for the latest list of qualified expenses under your plan
2 Contribution limits are subject to change and should be checked on an annual basis on the IRS website. Limitations apply.
Like most group benefit programs, benefit programs offered by MetLife and its affiliates contain certain exclusions, exceptions, waiting periods, reductions of benefits, limitations and terms for keeping them in force. Nothing in these materials is intended to be, nor should be construed as, advice or a recommendation for a particular situation or individual. Participants should consult with their own advisors for such advice. Federal and state laws and regulations are subject to change.