Health Care Spending Account
As health-care costs continue to increase, you can soften the impact on your wallet by enrolling in a health care flexible spending account. By saving on taxes, you can effectively reduce the cost of your eligible expenses. A health care flexible spending account can help you save on many products and services such as:
- Medical, dental or vision deductibles and co-payments
- Eyeglasses, contact lenses and contact lens supplies
- Laser eye surgery (including LASIK)
- Prescription drugs
- Note: Over the counter drugs are not an eligible purchase with an HCFSA, except with a doctor's prescription.
Participating in a Health Care FSA
FSA is administered by SelectAccount. Within 30 days of hire, or during Open Enrollment, you elect the amount you want to contribute to your health care spending account. For 2018, you may contribute up to $2,650 annually into a health care spending account. OneBeacon® will then deduct the election amount in equal payments each pay period throughout the year.
When you incur eligible expenses, you may be reimbursed the full amount of the expense up to the annual election amount you have chosen. The health care spending account has a "use it or lose it" provision, so plan carefully for your expenses. You must incur all expenses for the funds in your FSA before the plan year ends on 12/31.
Depending on which medical plan you enroll in, your HCFSA will work differently in order to be compliant with federal regulations. Click here for details.