Flexible Spending Account (FSA)
Tina Sadowski
Phone: 716-675-2100 ext.190
Email: [email protected]
FSA/HRA Claim Form 
Dependent Care Claim Form
Flexible spending accounts can save you money on your health care and dependent care expenses. By putting a little money aside out of each paycheck pre-tax, you will save hard earned dollars on qualified expenses. Aebly & Associates has the knowledge and necessary tools to help you manage your accounts and help make the reimbursement process easier for you.
Flexible Spending Accounts are used to pay for qualified expensive that are not covered under other insurance plans. These “expenses” include:
- Health Plan Deductibles
- Prescription Drugs
- Dental Services
- Eye Exams
- Co-Pays
- Co-Insurance
What is an FSA?
A Flexible Spending Account or FSA are benefit accounts that are sponsored by your employer and allow you to pay for certain qualified insurance-related expenses on a pre-tax basis. There are a few different types of FSAs;
- Unreimbursed Healthcare Accounts
- Dependent Care Accounts
- Premium Reimbursement Accounts
- Adoption Assistance Accounts
How an FSA Works:
Every year, your company will hold an “Open Enrollment”. At this time, you will estimate the amount of money you might pay out of pocket for health-related expenses for the upcoming plan year. It is a good idea to be conservative in this amount, and to make sure that your expenses are qualified by your FSA plan. If your employer allows, you may roll over up to $500 in unused funds to the following plan year. Once you’ve elected your amount, the gross amount will be divided into equal installments coinciding with your paychecks through the plan year. As you incur expenses, just swipe your “My Benny” debit card like any other credit card at the point of service (or file a claim manually using your receipt) and we will reimburse you for qualified expenses.
You can click the following links to download and print:
Why You Would Use an FSA:
The main reason you would be inclined to use a Flexible Spending Account is to save your hard-earned money! Your weekly contributions are deducted before taxes, including federal, state, Social Security and Medicare. Overall, you will generally save between 15% and 40% of your contributions, depending on your income. In addition, an FSA is a great way to budget and manage your typical out of pocket medical expenses each year.
Some Resources That We Offer:
- Enrollment forms
- Account Statements through the “Employee Portal”
- Download generic FSA claim forms
- Communication Materials
- Outstanding Customer Service
- Plan documents
- Claim Processing
- 24/7 access via the internet
- A robust online system where you can check your up-to-the-minute plan balances, view all claim and payment detail, file and submit claims, view upcoming reimbursements, order new (or report lost) Benny Cards
- A Mobile app
Health Savings Account (HSA)
Health Savings Accounts or “HSA” are an investment account that your employer can establish to assist in covering costs related to qualified medical expenses. There are some key features to remember regarding your HSA benefits:
- Your HSA will follow you, even if you move or change jobs.
- When you utilize your account for qualified medical expenses, your HSA dollars are tax free.
- Your HSA can pay for your insurance deductibles and even for medical care that may not be covered by typical medical insurance plans.
How an HSA Works:
HSA’s are used in tandem with a High-Deductible Health Plan (In order to have an HSA, a participant must be enrolled in a qualified high deductible medical plan). HSA Accounts can be funded by both the employer and by employee contributions. These contributions are placed into an investment account and can be accessed to cover qualified medical expenses. In addition, these HSA balances roll over year after year. How you will be reimbursed: We will provide you with a “Benny Card” to access your HSA funds when paying for qualified expenses. The process is similar to paying for your groceries with a credit card. Simple, easy and efficient.
These numbers can speak to the popularity of HDHPs and HSAs, with HSA account holders contributing $22 billion to HSAs in just the first half of 2019: HSAs by the Numbers
Health Reimbursement Account (HRA)
Health Reimbursement Arrangements or HRAs allow you to use this benefit, funded by your employer, towards medical expenses that are uninsured. The money from your HRA account can be rolled over from one plan year to the next, depending on the type of HRA plan your employer has selected. Withdrawals from your HRA are not subject to federal, state or Social Security taxes. HRAs also provide an added benefit to employees enrolled in an FSA or Unreimbursed Healthcare Account. What is an HRA? An HRA is an employee benefit funded by your employer that allows you to be reimbursed for out of pocket medical expenses. Your employer will contribute tax-deductible dollars to your account and you will receive your reimbursement tax-free. In some cases, if allowed by your employer, your HRA balance can be carried forward from one year to the next. The schedule for funding of your HRA is predetermined and you are able to access only what is already in your account. Some HRAs are limited to specific expenses such as prescription drug co-pays. If you would like more information on your specific plan, please contact Tina at (716) 675-2100 extension 190.
Accessing Information:
Types of HRA Plans:
There are 3 types of HRA plans; an Unrestricted HRA plan pays for all medical expenses that are not covered by insurance. This includes co-payments, deductibles, vision, dental and more. A Restricted HRA is an HRA that is limited to certain specific expenses that are determined by your employer. Lastly, the HRA Gap Plan will only pay for items eligible under the insurance plan. It is designed to make up the difference between your out of pocket expenses, and your insurance coverage.
Tools, Resources and Services:
When you choose Aebly & Associates to handle your HRA needs, you will be able to:
- Manage and review your claim submissions
- Access and download HRA related forms Access numerous communication materials
- Submit customer service inquiries
- Access Claim Submission Forms
- A robust online system where you can Check up to the minute plan balances, view all claim and payment details, file and submit claims, view upcoming reimbursements, order new or report lost Benny Cards
- A Mobile app
HSA/FSA Stores
FSA Store
FSA Eligible Items List
OR Visit FSAstore.com/FlyerAAA for the largest selection of gusranteed FSA-eligible products with zero guesswork. Get $20 off orders of $200+ with code FCAAA5. (One use per customer.)
HSA Store
HSA Eligible Items List
HSA vs. 401k Calculator
OR Visit HSAstore.com/FlyerAAA for the largest selection of gusranteed HSA-eligible products with zero guesswork. Get $20 off orders of $200+ with code FCAAA5. (One use per customer.)
Amazon Health Shopper
Amazon Health Shopper: Use Amazon to help you conveniently find and puchase the FSA/HSA eligible items you need
