How FSAs Can Help You Save

Every year during benefits open enrollment you have the opportunity to choose a Flexible Spending Account (FSA). This year is no different. It's the only benefit that won't stay the same if you don't complete the open enrollment process and select your benefits for 2023.

To help you decide if FSAs are right for you and your household, we're sharing some important information about them.

Health Care FSA

Our health care FSA helps you save money by allowing you to pay for health care expenses—such as medical and pharmacy co-pays, deductibles and vision and dental costs—with funds deducted from your paycheck before taxes are applied.

• You can use the health care FSA to pay for eligible health care expenses for you, your spouse or your tax-dependent children.
• Your spouse and children don't need to be enrolled in Carilion's medical or dental plans for you to use the health care FSA for their expenses.

Dependent Care FSA

Save money on child or adult and elder care expenses when you participate in the dependent care FSA. Funds are deducted from your paycheck for eligible expenses before taxes are applied.

• As an added benefit, we pay $10 per pay period, up to $260 per year, to your dependent day care FSA when you contribute at least $10 per pay period.
• The dependent care FSA can be used for a variety of care, such as day care, preschool or before- or after-school care.
• Dependent care FSA funds cannot be used on medical expenses, only day care and elder care expenses.

How They Work

When you participate in the health care or dependent care FSA, you contribute up to a certain dollar amount that is established by the IRS. The IRS has not released FSA 2023 contribution amounts yet. As soon as they do, the amounts will be posted on Inside Carilion.

You do not lose your FSA money at the end of the calendar year. We allow a grace period, and if you enroll in a Flexible Spending Account during open enrollment, you will have until March 15, 2024 to spend the money in your account on eligible dependent care or out-of-pocket health care expenses. Money not spent by March 15 is forfeited. All claims must be filed by March 31 following the end of the plan year.

Examples:

• You take your child to urgent care, a specialist or primary care provider, and use your FSA debit card to pay the co-pay. If your child is covered under the Carilion Clinic Medical Plan, you will not be asked for supporting documentation. If your child has other health care coverage, Optum Financial (the FSA vendor) will ask for supporting documentation (explanation of benefits) to support the transaction.
   
• You've just received a bill for coinsurance from a hospital stay and have funds in your health care FSA to cover the expense. Pay the bill online using your FSA debit card, or pay out of pocket and submit a claim form to be reimbursed for the expense.

• You are enrolled in the dependent care FSA and have bi-weekly contributions taken out of your paycheck. You have a child in day care and pay weekly tuition. Once you have a balance in your dependent care FSA, you can submit a claim for reimbursement. You will need to provide a detailed receipt from the day care provider and submit that to Optum for reimbursement. You will be mailed a check, or the money will be directly deposited if you have set up a bank account.

For more information, see the Health Care Flexible Spending Account page  and the Dependent Care Flexible Spending Account page.