Flexible Spending Accounts

Provider: Rocky Mountain Reserve
Member Service: (888) 722-1223
Website: www.rockymountainreserve.com

Flexible Spending Accounts (FSA) allow you to set aside money on a pre-tax basis for healthcare and dependent care expenses.

There are two types of Flexible Spending Accounts available to you:

Health Care Flexible Spending Accounts are for costs not covered under a traditional medical, dental or vision plan. Common expenses include copays, deductibles, orthodontics, hearing aids, laser eye surgery, eye glasses, infertility treatment, medical equipment, and over-the-counter drugs.

If you are enrolled in an Health Savings Account (HSA), you are not eligible for the traditional Healthcare FSA, but may be eligible for a Limited Purpose FSA.

Important Notes:

  • While the plan period runs July 1st to June 30th for the health flexible spending account, eligible expenses may be incurred to September 15th (grace period). All claims must be submitted to Rocky Mountain Reserve by September 30th (run-out)
  • If an employee terminates employment prior to incurring a planned expense, the money is forfeited. However, the employee could elect to continue participation through COBRA and submit expenses past their termination date
  • One very important point to note is that once you determine what your pre-tax elections will be for the year for Health Care reimbursement, you cannot change those elections unless you have one of the following "life status changes" occur:
    • Birth
    • Death
    • Adoption
    • Marriage
    • Divorce
    • Change in employment status of a spouse

Unless you have a qualifying "life status change", you must wait until the next open enrollment period to make changes to your contribution amount. Also, understand that you need to use all the money each year that you set aside. If you do not use all the money by the end of the plan year, the money will be forfeited. So make sure you calculate your expenditures accurately so that you can get the most for your (tax-free) money!

Dependent Care Flexible Spending Accounts are for child care and elder care costs. Common expenses include before and after school care, summer camp, nannies, and babysitters. The expense must be directly tied to your need to work and therefore pay others to help care for your dependents.

Dependent care benefits elected offset the federal tax credit on your federal tax return.

Important Notes:

  • Dependent care benefits elected under a cafeteria plan offset the federal tax credit for dependent care allowable on their federal tax return.
  • Both spouses must work or attend school full time to take advantage of this benefit.

One very important point to note is that once you determine what your pre-tax elections will be for the year for Dependent Care reimbursement, you cannot change those elections unless you have a change in Dependent Care providers, change in daycare or provider expense or one of the following "life status changes" occur:

  • Birth
  • Death
  • Adoption
  • Marriage
  • Divorce
  • Change in employment status of a spouse

Unless you have a qualifying "life status change", you must wait until the next open enrollment period to make changes to your contribution amount. Also, understand that you need to use all the money each year that you set aside. If you do not use all the money by the end of the plan year, the money will be forfeited. So make sure you calculate your expenditures accurately so that you can get the most for your (tax-free) money!

Look in the menu for additional plan information:

  • FSA expense calculator
  • Eligible and ineligible expense chart
  • Forms, resources, and links to carrier website

FSA Health Care Benefit Overview
Annual Maximum $3,050
FSA Dependent Benefit Overview
Annual Maximum $5,000

Flexible Spending Accounts

Provider: Rocky Mountain Reserve
Member Service: (888) 722-1223
Website: www.rockymountainreserve.com

Flexible Spending Accounts (FSA) allow you to set aside money on a pre-tax basis for healthcare and dependent care expenses.

There are two types of Flexible Spending Accounts available to you:

Health Care Flexible Spending Accounts are for costs not covered under a traditional medical, dental or vision plan. Common expenses include copays, deductibles, orthodontics, hearing aids, laser eye surgery, eye glasses, infertility treatment, medical equipment, and over-the-counter drugs.

If you are enrolled in an Health Savings Account (HSA), you are not eligible for the traditional Healthcare FSA, but may be eligible for a Limited Purpose FSA.

Important Notes:

  • While the plan period runs July 1st to June 30th for the health flexible spending account, eligible expenses may be incurred to September 15th (grace period). All claims must be submitted to Rocky Mountain Reserve by September 30th (run-out)
  • If an employee terminates employment prior to incurring a planned expense, the money is forfeited. However, the employee could elect to continue participation through COBRA and submit expenses past their termination date
  • One very important point to note is that once you determine what your pre-tax elections will be for the year for Health Care reimbursement, you cannot change those elections unless you have one of the following "life status changes" occur:
    • Birth
    • Death
    • Adoption
    • Marriage
    • Divorce
    • Change in employment status of a spouse

Unless you have a qualifying "life status change", you must wait until the next open enrollment period to make changes to your contribution amount. Also, understand that you need to use all the money each year that you set aside. If you do not use all the money by the end of the plan year, the money will be forfeited. So make sure you calculate your expenditures accurately so that you can get the most for your (tax-free) money!

Dependent Care Flexible Spending Accounts are for child care and elder care costs. Common expenses include before and after school care, summer camp, nannies, and babysitters. The expense must be directly tied to your need to work and therefore pay others to help care for your dependents.

Dependent care benefits elected offset the federal tax credit on your federal tax return.

Important Notes:

  • Dependent care benefits elected under a cafeteria plan offset the federal tax credit for dependent care allowable on their federal tax return.
  • Both spouses must work or attend school full time to take advantage of this benefit.

One very important point to note is that once you determine what your pre-tax elections will be for the year for Dependent Care reimbursement, you cannot change those elections unless you have a change in Dependent Care providers, change in daycare or provider expense or one of the following "life status changes" occur:

  • Birth
  • Death
  • Adoption
  • Marriage
  • Divorce
  • Change in employment status of a spouse

Unless you have a qualifying "life status change", you must wait until the next open enrollment period to make changes to your contribution amount. Also, understand that you need to use all the money each year that you set aside. If you do not use all the money by the end of the plan year, the money will be forfeited. So make sure you calculate your expenditures accurately so that you can get the most for your (tax-free) money!

Look in the menu for additional plan information:

  • FSA expense calculator
  • Eligible and ineligible expense chart
  • Forms, resources, and links to carrier website

FSA Health Care Benefit Overview
Annual Maximum $3,050
FSA Dependent Benefit Overview
Annual Maximum $5,000