link to myflorida.com homepage
spacer
 
   

   

Health

PPO

HMO

Dental

Life Insurance

    

Reimbursement Accounts

The state offers you three Reimbursement Accounts (also called Flexible Spending Accounts or FSAs) that can provide you with a tax break on your predictable out-of-pocket costs. Use the chart below to see how the accounts work; then visit the Choice Toolkit where estimator tools can help you decide if the Reimbursement Accounts have value for you.

  Medical Reimbursement Account* Limited Purpose Medical Reimbursement Account Dependent Care Reimbursement Account

Enroll if you have
  • Standard PPO or HMO
  • No health coverage

Not available with HIHP HMO or PPO
  • Any Health Investor HMO or Health Investor PPO

Not available with Standard HMO or PPO
  • Eligible expenses for “day care” for an eligible child or qualifying relative so you can work

How much you can contribute

From $60 to $5,000 in pre tax dollars

From $60 to $5,000 in pre tax dollars

From $60 to $5,000 in pre tax dollars ($2,500 if you're married filing separate tax returns)

Use the account to pay yourself back for

Out-of-pocket medical, prescription, dental , vision and over-the-counter medication expenses:

  • not paid by insurance or reimbursed from any other source

Out-of-pocket dental, vision and over-the-counter medication expenses:

  • not paid by insurance or reimbursed from any other source

Not available for medical expenses

Care for a child, disabled spouse or qualifying relative who:

  • is dependent on you
  • needs care so that you (and your spouse if you're married) can work

How FSAs work - Easy as 1 - 2 - 3

 

Grace Period

FSAs have a "use it or lose it" policy, which means you forfeit any amounts unused and not reimbursed for services received during the Plan year. You may use what you set aside for the Plan year for services up to March 15 of the following year.

 
Link to: Compare the four main types of options

You set aside pre tax dollars from your paycheck.

Link to: Which plans are available in your area

You submit eligible expenses for reimbursement throughout the year.
Link to: Think about your likely medical care needs for the coming year

You are reimbursed from your FSA for the eligible expenses you submit.

How much can I save using an FSA?

If you pay federal income tax and Social Security tax, this creates about a 20% savings on most of the health or dependent care services you buy. The savings could be more - depending on your income tax rate. And yet, even when you pay no income taxes, the Social Security tax savings is about 7.5% - or $7.50 for each $100 you spend.

Estimate Carefully

Before enrolling:

  • Estimate expenses carefully for the plan year – the Reimbursement Account Estimator Tools can help you do that. For health and dental, think about using the Health Plan and Dental Cost Estimators first, then use what they tell you about out-of-pocket costs for care to start your Medical Reimbursement Account estimates.
  • Read about some important considerations for making your FSA choices.

Claiming Your Reimbursement Account Benefits

You claim Reimbursement Account benefits by submitting a claim form and appropriate supporting documentation to PeopleFirst by April 15.

For the: You can use money set aside for expenses for care between: You must file your claims by:

2009 plan year

January 1, 2009 and March 15, 2010

April 15, 2010

2010 plan year

January 1, 2010 and March 15, 2011

April 15, 2011