Welcome to the Healthcare Flexible Spending Account (FSA) section of My Life at Children’s. Here you will find all the information you need about your Healthcare FSA. Select an option from the menu at the left for more details.

Healthcare Flexible Spending
Account (FSA)

The Healthcare FSA lets you set aside money from your paycheck — before taxes — to reimburse yourself for many healthcare expenses that are not covered by your healthcare plans. You save on taxes because your contributions to the Healthcare FSA are not subject to federal, state or Social Security taxes. Eligible expenses include medical, dental and vision copays, coinsurance, annual deductibles and prescriptions. You may use your Healthcare FSA for any of these expenses for anyone in your household. You or your family members do not have to be enrolled in a Children’s medical plan option to enroll in the Healthcare FSA. When you enroll in the Healthcare FSA, you can monitor your account online at any time. For step-by-step guidelines on viewing your account, see the FSA Online Account Access Instructions under Resources at the left.

How the Account Works

Understand what is covered. The following is a list of typically covered expenses for you and your immediate family members. For a complete list, see the Eligible & Ineligible FSA Expenses (under Resources at the left) or visit the Flexible Corporate Plans Web site (under Contacts at the left).

• Medical, dental and vision deductibles, copays and coinsurance.
• Prescription drugs.
• Products such as hearing aids and wheelchairs.
• Services such as chiropractor visits, orthodontia, laser eye surgery and physical therapy.

Note: Over-the-counter drugs are not covered unless prescribed by a physician. However, you do not need a prescription for over-the-counter supplies, such as bandages, diabetic supplies and contact lens solution.

For a more detailed list of over the counter (OTC) items now requiring a prescription for reimbursement from your FSA, please visit the Education Center at the Flexible Corporate Plans website (see Contacts at the left) or find a list under Resources at the left.

Decide how much to contribute. You may contribute up to $10,000 each calendar year to the Healthcare FSA. Be sure to budget carefully: If you do not spend all of the money in your account on eligible expenses during the year, any remaining balance will be forfeited. See the Spending Account Planner (under Resources at the left) to help you plan your contributions. Your contributions will be deducted in equal amounts from each paycheck until the end of the calendar year.

Know how to get reimbursed. You can be reimbursed in two ways. Either way, the money will be deducted from your Healthcare FSA. You will have access to your total annual contribution starting with the month your FSA goes into effect.

• FSA debit card. When you enroll, you will receive an FSA debit card from Flexible Corporate Plans, our FSA administrator (see ID Cards at the left). You can use your FSA debit card to pay for care directly at the healthcare provider. But make sure you keep your receipts in case you need to verify your eligible expenses.
  • If you use all of your FSA dollars before the end of the year, do not throw away your FSA debit card; it will be loaded with your new FSA election at the beginning of next year.
  • If you need an additional FSA debit card for a dependent, visit the Flexible Corporate Plans Web site (see Contacts at the left), click “Download Forms” and select “Request FlexCard for Dependent.”
  • If you lose your FSA debit card, please call Flexible Corprorate Plans immediately (see Contacts at the left) to request that the lost card be de-activated and to have a new card reissued.

• Claim form. You can also fax an itemized receipt with a claim form for reimbursement. See Resources at the left to download a form. Claims are processed every Tuesday. All claims received by 2 p.m. CST on Monday will be processed that week.
  • Reimbursement checks are mailed out on Thursdays.
  • If you elect the Direct Deposit option, your reimbursement will be deposited into your account on a Friday. To sign up for Direct Deposit, complete the FSA Direct Deposit Enrollment Form. See Resources at the left to download a form.

See how much you can save on taxes. You can save from 15%–30% on taxes, depending on your income bracket. Read on for an example.

We will assume that Shelly contributes $5,000 to the Healthcare FSA. Here is how much she saves: