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IMPORTANT: If you do not elect your benefits during the annual Open Enrollment period or within 31 days of your date of hire, you will not have Roper St. Francis Healthcare health plan coverage until the next year unless you have a qualified life event as defined by the IRS.

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If you can’t find an answer to your question after reviewing the information on this site, please email HRBenefitsTeam@rsfh.com or call (843) 720-8400.

 

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Flexible Spending Accounts

Flexible Spending Accounts

Important Notes:

  • Our Flexible Spending Account Administrator is Optum Financial (formerly known as ConnectYourCare).
  • Regulatory guidance was issued to temporarily extend certain plan deadlines and allow election changes as well as enhance flexible spendings accounts. Please reference the 2020 SPD Summary of Material Modifications and the 2021 SPD Summary of Material Modifications for additional guidance related to this relief, which overrides some of the normal provisions of the plan outlined below.

A Flexible Spending Account (FSA) allows you to pay for health, dental, vision, prescriptions and dependent day care expenses with pre-tax dollars, which reduces your taxable income and saves you money.

Healthcare Flexible Spending Account
      • A Healthcare Flexible Spending Account allows reimbursement of qualifying out-of-pocket medical expenses for you and your dependents (such as medical, dental or prescription co-pays or an eye exam).
      • Generally only $500.00 will carry over to the following plan year. See important note above for temporary exceptions.
      • You will receive the carryover amount even if you do not elect to enroll in the new plan year.  To utilize your prior plan year funds, you will need to file a manual reimbursement claim for eligible expenses incurred prior to the end of the plan year.  To be reimbursed, the claim form must be submitted prior to March 31st. After March 31st, any amount over $500.00 remaining in your account is forfeited. See Important Note above for temporary exceptions.
      • You can enroll even if you are not enrolled in a RSFH medical plan.
      • You will need to re-enroll in the Healthcare Flexible Spending Account each year during Open Enrollment.
Limited Purpose Flexible Spending Account
      • The Limited Purpose Flexible Spending Account allows reimbursement for dental and vision expenses ONLY for you and your dependents when you are enrolled in the Alliance Save medical plan.
      • Generally only $500.00 will carry over to the following plan year. See the Important Note above for temporary exceptions. 
      • You will receive the carryover amount even if you do not elect to enroll in the new plan year.  To utilize your prior plan year funds, you will need to file a manual reimbursement claim for eligible expenses incurred prior to the end of the plan year.  To be reimbursed, the claim form must be submitted prior to March 31st.   After March 31st, any amount over $500.00 remaining in your account is forfeited. See the Important Note above for temporary exceptions. 
      • You will need to re-enroll in the Limited Purpose Flexible Spending Account each year during Open Enrollment (if you remain enrolled in the Alliance Save medical plan).
Dependent Care Flexible Spending Account
      • Generally, the Dependent Care Flexible Spending Account allows reimbursement for work-related dependent daycare expenses for dependents under the age of 13 or dependent adults incapable of self-care (such as day care for a child or adult). For the 2020 plan year and for 2020 funds carried over into the 2021 plan year, a teammate may use their Dependent Care FSA to pay for permitted reimbursable expenses for their child until the child turns age 14. Note that the Dependent Day Care Spending Account covers only expenses related to care of dependents (such as day care)—not their medical expenses.
      • To utilize your prior plan year funds, you will need to file a manual reimbursement claim for eligible expenses incurred prior to the end of the plan year.  To be reimbursed, the claim form must be submitted prior to March 31st.   After March 31st, any amount remaining in the account is forfeited. See the Important Note above for temporary exceptions. 
      • You can enroll even if you are not enrolled in a RSFH medical plan.
      • You will need to re-enroll in the Dependent Care Flexible Spending Account each Open Enrollment.

Additional Information About Your FSA

Each type of FSA lets you set aside money from your paycheck on a pre-tax basis to pay eligible healthcare or dependent/elder care expenses that you expect to pay out-of-pocket during that year.

Is a Flexible Spending Account Right for Me?
A Healthcare FSA could save you money if you or your dependents:

  • Have out-of-pocket expenses like co-pays, coinsurance or deductibles for health, prescription, dental or vision plans
  • Have a health condition that requires the purchase of prescription medications on an ongoing basis
  • Wear glasses or contact lenses, or are planning LASIK surgery
  • Need orthodontia care, such as braces, or have dental expenses not covered by your insurance.

A Limited Purpose FSA could save you money if you or your dependents:

  • Have out-of-pocket expenses like co-pays, coinsurance or deductibles for dental or vision plans
  • Wear glasses or contact lenses, or are planning LASIK surgery
  • Need orthodontia care, such as braces, or have dental expenses not covered by your insurance

A Dependent Care FSA might make sense if you and/or your spouse are working or in school, and:

  • Your dependent children under age 13 attend daycare, after-school care or summer day camp
  • You provide care for a person of any age whom you claim as a dependent on your federal income tax return and who is mentally or physically incapable of caring for himself or herself

When considering funding a Dependent Care FSA, you need to weigh your potential savings from the spending account versus your savings through the child care tax credit. The money reimbursed through a Dependent Care FSA will reduce the amount of eligible expenses you can use for the tax credit on a dollar-for-dollar basis.

Some teammates will receive more tax advantages by taking the dependent care tax credit, while others will do better by contributing to the Dependent Care Flexible Spending Account. Please consult your tax advisor or carefully review your situation before making a choice.

Deciding What to Contribute

Before you enroll, you must decide how much you want to contribute to your account. You should spend some time estimating your anticipated eligible medical and dependent daycare expenses by reviewing your out-of-pocket expenses from the previous calendar year. Plan your contribution amount carefully and remember that any amount remaining in your account(s) at the end of the plan year may be forfeited.


Healthcare Flexible Spending Account – You may contribute up to $2,750 per calendar year.  You have access to the entire yearly contribution amount once the plan year begins.  Your annual contribution is divided into equal amounts and deducted from your paycheck each pay period.

FSA contributions are made on a pre-tax basis, which lowers your taxable income and may decrease the amount you pay in federal, state, local and FICA taxes.


Limited Purpose Flexible Spending Account – You may contribute up to $2,750 per calendar year.  You have access to the entire yearly contribution amount once the plan year begins.  Your annual contribution is divided into equal amounts and deducted from your paycheck each pay period.

FSA contributions are made on a pre-tax basis, which lowers your taxable income and may decrease the amount you pay in federal, state, local and FICA taxes.


Dependent Care Flexible Spending Account – In 2021, the IRS increased the Dependent Care FSA contribution limit from $5,000 to $10,500 ($5,250 if you are married filing separately) per calendar year. The 2022 Dependent Care FSA contribution limit will be $5,000.

When considering funding a Dependent Care FSA, you need to weigh your potential savings from the spending account versus your savings through the child care tax credit. The money reimbursed through a Dependent Care FSA will reduce the amount of eligible expenses you can use for the tax credit on a dollar-for-dollar basis.

Some teammates will receive more tax advantages by taking the dependent care tax credit, while others will do better by contributing to the Dependent Care Flexible Spending Account. Please consult your tax advisor or carefully review your situation before making a choice.

How Do I Access FSA Funds?
Using Your Debit Card

Use your ConnectYourCare/Optum Financial Visa payment card (new participants will receive a welcome packet and payment card) to pay for eligible out-of-pocket expenses at the point-of-service. When using your debit card, please keep all receipts or Explanation of Benefits (EOBs) from your insurance provider(s) and/or daycare because you may be asked to provide additional substantiation as required by the IRS. The online portal offers an easy, secure way to keep your receipts, if you need to provide documentation


Online

Visit rsfh.optumfinancial.com to easily view account balance and claim history, sign up for direct deposit, file a claim, or use the tools and support tab for links to helpful information.


Using the Mobile App

The Optum Financial Mobile App is available for Apple and Android users. You can view your account balance and claim history, file a claim, take a picture and upload receipts, and receive text alerts or report a lost or stolen card. Learn more on our Benefits App overview page or download the app at the Apple App Store or Google Play.

Using Your Dependent Day Care FSA

The Dependent Day Care FSA will provide reimbursement for day care, after school care or summer day camps for a child under age 13; care for a disabled child; or care for a dependent parent incapable of self-care, provided the teammate claims the parent as a tax deduction.

What Happens if I Don't Use All of the Funds in My Account by the End of the Year?
See the Important Note above for temporary exceptions to some of the information outlined below. 

HealthCare Flexible Spending Account –

If you have a balance at the end of the plan year, up to $500 will be carried over and added to the amount you may elect for the new plan year. You will receive the carryover amounts even if you do not elect to enroll in the new plan year. To utilize your prior plan year funds, you will need to file a manual claim by March 31st.   After March 31st, any amount over $500.00 remaining in your account is forfeited.


Limited Purpose Flexible Spending Account –

If you have a balance at the end of the plan year, up to $500 will be carried over and added to the amount you may elect for the new plan year. You will receive the carryover amounts even if you do not elect to enroll in the new plan year. To utilize your prior plan year funds, you will need to file a manual claim by March 31st.   After March 31st, any amount over $500.00 remaining in your account is forfeited.


Dependent Care Flexible Spending Account –

If you have a balance at the end of the plan year, no funds are carried over and added to the amount you may elect for the new plan year. To utilize your prior plan year funds, you will need to file a manual claim by March 31st.   After March 31st, any amount remaining in your account is forfeited.

Can I participate in an FSA if I am highly compensated?
The Internal Revenue Code allows pretax contributions to FSAs as long as the benefit does not favor highly compensated employees.  You are considered “highly compensated” if your gross earnings are above the annual amount set by the Internal Revenue Service.  The IRS requires a series of nondiscrimination tests on health flexible spending account and dependent care flexible spending account plans. RSFH works with our FSA administrator to conduct this testing annually (generally mid-year).  Any impacted teammates will be notified by mail.
What Happens if I Separate Employment?
Upon separation, your Benefit Access Card will no longer be active. You have 90 days after your separation date to file manual claims for eligible health care expenses that were incurred prior to your termination date.
What Do I Do if I Have Other Questions or if I Have Trouble Using My FSA?

Contact Optum Financial (formerly known as ConnectYourCare) Customer Service Center by calling 844-973-3919 (Available 24/7 365 days a year).

 

Have a Question?

Review the information found throughout this site. If you can’t find an answer to your question, please email HRBenefitsTeam@rsfh.com or call (843) 720-8400, Option 2.