Flexible Spending Accounts
Who’s eligible?
To be eligible for the Flexible Spending Account Plan, you must be a non-union, full-time Telepictures (tier 1) employee regularly scheduled to work at least 30 hours per week. Refer to the FSA Summary Plan Description (SPD) for complete eligibility details.
Overview
Using an FSA is like getting a discount on everyday health and/or dependent care expenses because you’re paying with tax-free money. The way they work is simple: You contribute money to your FSA from each paycheck — before it is taxed — then spend it tax-free on eligible expenses.
The Company offers two types of FSAs through Inspira Financial (formerly PayFlex):
Health Care FSA for eligible medical, prescription drug, dental, and vision expenses for you and your family — including deductibles, coinsurance, and out-of-pocket expenses. Click here for a list of eligible expenses. More information can be found on the IRS website.
• Contribute up to $3,200 per year through before-tax payroll deductions to help cover eligible medical, prescription drug, dental, and vision expenses.
• Choose your contribution amount during the FSA Open Enrollment held each fall. You can only change your contribution amount during the year if your personal situation changes.
• Your annual contribution will be divided into equal deductions from each paycheck. Your entire annual contribution amount is available to you from the beginning of the year.
• Spend your money by using your Inspira Financial debit card, or log in to the Inspira Financial website to request reimbursement for payments you’ve made.
Dependent Day Care FSA for eligible child care (children under 13 years of age) and elder care services so that you (and your spouse, if married) can work. Click here for a list of eligible expenses. More information can be found on the IRS website.
• Contribute up to $5,000* annually ($2,500 if married filing separately) through before-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders. *Highly compensated employees earning $150,000 or more in the prior year are limited to an annual election of $1,000. This account cannot be used for health care expenses.
• Choose your contribution amount during the FSA Open Enrollment held each fall. You can only change your contribution amount during the year if your personal situation changes.
• Your annual contribution will be divided into equal deductions from each paycheck. You only have access to money that has actually been deposited into your account.
• Spend your money by logging into the Inspira Financial website to request reimbursement for payments you’ve made.
• You will only be reimbursed for as much money as you have contributed into your Dependent Care FSA to date.
Your FSA elections apply for the calendar year (January 1 – December 31) — you can’t change your contribution amount once it's elected. Unused money does not carry over at the end of each year, so you must “use it or lose it.” That’s why it’s important to estimate your expenses carefully before deciding how much to contribute to an FSA. You can the Inspira Financial (former Payflex) calculator to help determine your health costs. You must submit claims incurred in the current year no later than March 31st of the following year in order to be reimbursed. Only the expenses incurred during the plan year (January 1 through December 31) are reimbursable through your account.
How to enroll
• As a new hire: Complete and submit the FSA Enrollment Form via the “Submit” button found on the upper right side of the screen within 30 days of your hire/eligibility date.
• During FSA Open Enrollment: The FSAs have a separate enrollment window each fall, typically in November. You must enroll/re-enroll during this time by completing and submitting secure the FSA Enrollment Form in order to participate in an FSA for the following January 1 through December 31. Your FSA enrollment elections do not carry over from one year to the next. Outside of the annual FSA Open Enrollment each fall, you can only make changes to your FSA elections if you experience a qualified life event such as a birth or marriage and make a corresponding election within 30 days of the life event.
More about the FSAs
• FSA Benefit Summary
• Inspira Financial Debit Card
• Is it eligible? Health Care FSA
Please note: The IRS confirmed that personal protective equipment (PPE) such as face masks, hand sanitizer and sanitizing wipes purchased on or after January 1, 2020 are qualified medical expenses if used for the primary purpose of preventing the spread of coronavirus.
• Is it eligible? Dependent Day Care FSA
• FSA Reimbursement Form
• FSA Direct Deposit Authorization Form
• FSA Summary Plan Description (SPD)
• Frequently asked questions
And, make sure to download the new and improved Inspira Financial Mobile® App to find the information you need fast with easier navigation.
Also, take advantage of the new Inspira Financial Live Chat feature on their member website. Just log in, select Help & Support at the top of the screen, then Contact Us, the click Chat Now.
In addition, Inspira Financial has teamed up with CVS Optical to give you mores chances to save throughout 2024. Click here to learn more.
Inspira Financial’s Notice of Privacy Practices