You can set aside before-tax money throughout the year in a flexible spending account (FSA) to pay for anticipated health care and/or dependent care expenses. You’ll not only build a balance of funds to pay expected medical, dental, vision and dependent care bills incurred during that calendar year, but you’ll also lower your taxes.
There are two types of flexible spending accounts associated with health care expenses—a regular Health Care Spending Account and a Limited Use Flexible Spending Account. If you select the BCBSTX PPO, the Kaiser HMO or opt out of BMC medical coverage, you are eligible to contribute to the Health Care Flexible Spending Account. If you select the BCBSTX HSA Plan, you are eligible for the Limited Use FSA. The Limited FSA can be used to pay eligible dental, vision and other non-medical expenses.
Details on how to use each individual FSA can be found in the plan details below. You can also go to the Fidelity NetBenefits website to check your FSA and HSA balances.
When you file a claim, you can choose to have your reimbursement sent to you in a check or directly deposited into your checking or savings account. Complete the online direct deposit authorization form, available on the Fidelity NetBenefits website.
When making your contribution decision, take the time to carefully evaluate your personal situation, consult with your tax advisor and consider the following facts:
If you have any questions about your participation in a flexible spending account, call Fidelity at 1-866-546-4424.
The Departments of the Treasury, Labor, and Health and Human Services (the Departments) have issued the Transparency in Coverage final rules (85 FR 72158) on November 12, 2020. The final rules require non-grandfathered group health plans and health insurance issuers in the individual and group markets (plans and issuers) to disclose certain pricing information. Under the final rules a plan or issuer must disclose in-network negotiated rates and billed and out-of-network allowed through machine-readable files posted on an internet website. Plans and issuers are required to make these files public for plan policy years beginning in 2022. This material is for information only. Health information programs provide general health information and are not a substitute for diagnosis or treatment by a physician or other health care professional. You can access the BMC machine readable files here.