Flexible Spending Account (FSA)
FSA ADMINISTRATOR: Navia Benefits
COMPANY CODE: BCI
FSA CONTACT INFO: 800-669-3539, www.naviabenefits.com
You can set aside pre-tax dollars for your out-of-pocket health care expenses, e.g. physician fees, prescription drug copayments, deductibles, dental expenses, prescription eyeglasses and contact lenses. The annual maximum for 2018 is $2,650. These funds will be available for you to use at the beginning of the calendar year.
For eligible dependent care (ie: daycare) expenses, you can contribute up to $5,000 maximum annually if you are single or file your tax return jointly; $2,500 if you are married and filing your tax return separately. These funds are available to use as you contribute them.
Should I contribute to FSA?
If you know that you will have medical expenses for the upcoming year, you can save money by contributing money to a FSA Account. For example, Max knows that he will be doing Lasik eye surgery next year, and will need to pay money out-of-pocket for the procedure. He decided to contribute $1,000, see below to see how the costs lay out:
If you choose to enroll in the FSA plan(s), make your election in your benefits enrollment in Workday upon hire and annually during open enrollment. Navia Benefits, our FSA administrator, will send you a welcome email when your enrollment has been processed. Follow the instructions in that email to register for an online account with Navia Benefits. You will also be mailed a debit card as an added convenience for using your FSA funds.