Flexible Spending Account

Flexible Spending Account (FSA)

The flexible spending account is administered through HSA Bank.

You can save money on your medical and/or dependent child or elder care expenses with a flexible spending account (FSA).  Using this account, you are able to set aside funds each pay period on a pretax basis and use them tax-free for qualified expenses. You pay no federal income taxes on your contributions to an FSA. (That's where the savings comes in.) Your FSA contributions are deducted from your paycheck before taxes are withheld, so you save on income taxes and have more disposable income.  You and your tax qualified dependents do not need to be enrolled in Cherry Creek Schools medical, dental, or vision insurance plans to utilize an FSA.  You can use these monies with your spouse's insurance plans or Medicare. 

Medical Spending Account Limit: $3,300 per family per calendar year.  

Dependent Care Spending Account Limit: $5,000 individual or joint tax return/$2,500 married filing separate tax return per calendar year.  NOTE: Both spouses cannot select more than $2500 for a combined $5000 per household.

IMPORTANT NOTICE

You may not enroll into a Flexible Spending Account AND a Health Savings Account due to tax regulations. 

You will receive an FSA Debit Card once you've enrolled for the new plan year.  If you already have a debit card and it is not expired, it will be loaded with your new election.  The debit card can be used to pay for any eligible expense.  Use it at your doctor's office, to pay for prescriptions, and for dental or vision expenses.  Be sure to save any itemized receipts in case HSA Bank or the IRS asks you to substantiate the charges.  An eligible receipt is one that lists the date of service, who the provider was, what service or product was purchased, and the amount.  A credit card slip is not an eligible receipt.

HERE'S HOW AN FSA WORKS

Step 1 - You decide the annual amount you want to contribute to either or both FSAs based on your expected medical and/or dependent care/elder care expenses.  Remember to calculate these on a calendar year basis, not an academic year.  Our plans begin July 1 and continue through June 30 (fiscal year - not calendar year).  The total amount contributed to each account in a calendar year can be no more than the amounts listed above.

Step 2 - Your contributions are deducted from each paycheck before income taxes, and deposited into your FSA.

Step 3 - You can pay with the Medical FSA Debit Card for eligible medical expenses. For dependent care, you pay for eligible expenses when incurred, and then submit a reimbursement claim form or file the claim online.

Step 4 - You are reimbursed from your FSA. You can use your debit card at the doctor's office and pharmacy.

Be sure to save your receipts!  Some expenses will need to be substantiated as eligible expenses.  Statements and credit card receipts are not valid receipts.  To be valid, a receipt must include the Date of Service, Vendor/Provider providing the service, the Service performed, and the Amount.  You also have the option to submit a claim either by fax or online, for more information visit www.hsabank.com.

HSA BANK 1-844-650-8936 or askus@hsabank.com

FSA Plan Year Cycle