FREQUENTLY ASKED QUESTIONS

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FAQs

Dependent Care FSA Health Savings Account Medical FSA Account

What is a Dependent Care Flex Spending Account (DCA)? How much money can I set aside in my Dependent Care Account (DCA)? When are the funds in my Dependent Care Account (DCA) available to claim? Can I transfer money between my Medical Expense FSA and Dependent Care Account (DCA)? What expenses can I pay for out of a Dependent Care Account (DCA)? Do I have to use a Day Care Facility? Can I claim Dependent Care expenses if my spouse is not employed? Can expenses for the care of an adult be claimed in the Dependent Care Account (DCA)? Who is considered a qualifying dependent for the purpose of the Dependent Care Account (DCA)? Can I claim deductions on my income tax return for expenses paid from my Dependent Care Account (DCA)? How do I know if a tax credit is more favorable than participating in a Dependent Care Account (DCA)? What is a Health Savings Account (HSA)? Who can open and contribute to an HSA? What are the eligibility rules for opening and contributing to an HSA? Can I access my HSA information online? How much can be contributed annually to an HSA? Can I have an HSA and a Medical Expense FSA at the same time? How do I deposit money into my HSA? Can my spouse and I have a joint HSA? Can I have more than one HSA? Is there a risk of forfeiting HSA funds if you don’t use them? What expenses can I use my HSA funds to pay for? What is the benefit of an HSA? How much money do I save by having an HSA? Can I have an HSA if I am covered under my spouse’s health plan? Can I pay for my dependents’ eligible medical expenses with my HSA? What happens if I use my HSA for non-qualified expenses? If I enroll in Medicare, can I continue to contribute to my HSA? How do I access the funds in my HSA? What happens to my HSA if I leave my job? If I leave my job, how does COBRA affect my HSA? Can I still use my HSA funds even if I am no longer covered under a qualifying health plan? Do my HSA funds ever expire? Are there tax penalties for closing an HSA? Is my HSA subject to taxes? Does my HSA accrue interest like a regular savings account? What happens if I accidentally contribute more than the allowed maximum to my HSA? Will I be required to show proof of what I used my HSA for? Can I rollover my funds from an HSA to a 401(k) or IRA? What is a Medical Expense Flexible Spending Account (FSA)? When do I sign-up for the Medical Expense FSA? How does a Medical Expense FSA work? How do I get the money out of my Medical Expense FSA to pay for eligible medical costs? What are examples of eligible expenses that I can pay for out of my Medical Expense FSA? Can I spend all of my Medical Expense FSA money at any time during the plan year? What are the rules for using my Medical Expense FSA to pay for expenses already paid for by my health insurance plan, and what can be deducted on my income tax return? Is it better to enroll in a Medical Expense FSA or to deduct medical expenses on my income tax return? Should I be concerned about the privacy of my medical records? How much money can I spend out of a Medical Expense FSA? Can I pay for over-the-counter (OTC) drugs with my Medical Expense FSA? Can I use my Medical Expense FSA to pay for health insurance premiums? Can I use my Medical Expense FSA to pay for out-of-pocket costs that are not covered by my health insurance? During the plan year, can I change the amount of money I want to put into a current Medical Expense FSA? What if I don’t use all of the money in my Medical Expense FSA by the end of the year? Can I have a Medical Expense FSA and a Health Savings Account (HSA) at the same time? How much can I expect to save by using a Medical Expense FSA for health costs? Can I file a claim for a medical service I received prior to the start of the plan year? Can I access my Medical Expense FSA information online? How long do I have after the end of the plan year to submit claims and get paid? Can I stock up on eligible expense items if I have a lot of money left in my Medical Expense FSA? Can I use my Medical Expense FSA to pay for dependents’ medical expenses? How often can I file claims to use the funds in my Medical Expense FSA? How long does it take for my claim to be processed? How can I check the status of my claim? What if my claim is denied? I received a “pending” notification on my benefit debit card transaction. What do I need to do? Can I be reimbursed for a service before I pay the bill? If I leave my employer during the plan year can I still submit claims to be paid from my Medical Expense FSA? I left my employer before the end of the plan year but after I had spent all of the money in my Medical Expense FSA. Do I have to pay my employer back for the amount I used that hadn’t yet been taken out of my paycheck? My spouse and I are each eligible for a Medical Expense FSA at work. Can we both have one? Can I continue to participate in a Medical Expense FSA after I retire? Do I need to sign up for a Medical Expense FSA every year? How much money should I put in my Medical Expense FSA?