XYZ Companies employees may elect to participate in the Health Care Reimbursement and/or the Dependent Care Reimbursement accounts. Federal, State and Social Security taxes are saved on every dollar contributed to the plan.
Health Care Spending Account vs. Dependent Care Spending Account
- HEALTH CARE SPENDING ACCOUNT allows employees to use pre-tax monies to cover deductibles, co-pays and other non-covered eligible expenses. Employees can elect to have up to $2,500 deducted annually. The Health FSA plan shall provide for a carryover of up to $500 of unused funds.
- DEPENDENT CARE SPENDING ACCOUNT allows employees to save taxes on an eligible child or dependent care expenses. Employees can deduct up to $5,000 for dependent care expenses. Please consider your contributions carefully. Unused contributions to the Dependent Care FSA will be forfeited at the end of the year.
How Do I Know Which Over-The-Counter Items Will Require A Prescription?
Below is a list of commonly used over-the-counter items. Please contact FlexWise for details on other over-the-counter items not mentioned here.
- Acid controllers
- Allergy and sinus
- Anti-itch and insect bite
- Aspirin, ibuprofen, pain relief
- Cough, cold and flu
- Digestive aids
- Stomach remedies
- Hemorrhoidal preps
- Laxatives
Filing A Claim For Reimbursement
Complete a Request for Reimbursement Form and submit it with itemized receipts to FlexWise. Claims are processed on the 2nd and 4th Monday of each month, and paid on the following Wednesday.