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Open Enrollment October 27 - November 14
Flexible Spending Accounts (FSA)
Flexible Spending Accounts (FSA)
A FSA is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified expenses.
There are two types of FSAs: Healthcare and Dependent Care.
How does it work?
How does it work?
When to enroll:
As a newly benefit eligible employee
At Open Enrollment (held each fall)
Within 30 days from a qualifying life event
How to use your funds:
You may pay directly using your Benny Debit Card or submit a claim for reimbursement.
Manage your account:
Manage your account online at sentinelgroup.com or on-the-go using the mobile app. Your online account allows you to check account balances, file a claim, view account history and more.
Important Notes:
Important Notes:
Grace Period - CHA's FSA plans have a grace period that will allow you to continue to access your funds after the year ends. The grace period continues until March 15th of the following year (all claims must be submitted to Sentinel by March 31st).
FSAs have a "Use it or Lose it" rule. Any money left in the plan once the grace period has expired will be forfeited. So plan accordingly!
FSAs do not rollover from year to year, you must must re-enroll each year if you want to continue.
Healthcare FSA
Healthcare FSA
A pre-tax account used to pay for out-of-pocket medical, dental and vision services.
It covers:
Prescription drug co-payments
Health plan deductibles and co-insurance
Doctor and emergency room co-payments
Contact lenses, eyeglasses and LASIK surgery
Out-of-pocket dental expenses
Over-the-counter medicines
Dependent Care FSA
Dependent Care FSA
A pre-tax benefit account used to pay for the care of your dependent child(ren) up to age 13 or other qualified dependent(s) while you are working.
It covers:
Day care
Pre-school
After-school care
Summer day camp
Care for disabled dependents of any age
Healthcare FSA Annual Maximums:
2024: $3,200
2025: $3,300
Dependent Care FSA Annual Maximums:
2024: $5,000
2025: $5,000
FSA Eligible Expenses.pdfPage updated
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