• Flexible Spending Accounts (FSA)

Lower Your Taxes with an FSA

FSAs allow you to pay qualified health and/or dependent care expenses with pre-tax dollars. You can choose to participate in one or more accounts:

  • Health Care FSA
  • Limited-Purpose FSA (available to those enrolled in the Value HSA and Super Value HSA only)
  • Dependent Care FSA

Your premiums are deducted from your paycheck before taxes are withheld. When you have a qualified expense, simply use your Fidelity Debit Card to pay with pre-tax dollars from your account. It’s a great way to benefit from tax savings—which means you have more money in your pocket!

Limited-Purpose FSA – For Value HSA and Super Value Plan Participants

Due to the tax benefits of participating in an HSA, the IRS restricts participants from also participating in a typical health care FSA. However, MAPFRE offers a special limited-purpose FSA (LPFSA), available only to those who elect the Value HSA or Super Value HSA.

Learn More

Fidelity

800-544-3716

www.netbenefits.com

How FSAs Work


FSA Reminder

You must re-enroll to participate in the FSAs each year—even if you are currently participating.

You will receive a set of Fidelity Debit Cards to pay for qualified expenses when you first enroll. The debit card makes it easy to access the money you have in your account(s) by automatically deducting the cost of your qualified expenses from the FSA. Just swipe and go. It’s that easy!

If you are not able to use your debit card for a particular purchase, you may request reimbursement by using Fidelity’s online system. Simply enter your claim online, attach your scanned receipts and press “submit.”

Note: The Fidelity Debit Card is also linked to your HSA, if you have one.

Register to Manage Your FSA Online

When you register with Fidelity, you will be able to gain online access to your FSAs to track your balance, submit expenses and more.

To register, go to www.netbenefits.com.

Important Rules and Regulations

  • Use it or lose it! Plan your expenses carefully and conservatively. The IRS requires that any money left in your FSAs at the end of the year must be forfeited.
  • However, you can carry over a portion of your remaining balance (determined by the IRS) in your health care or limited-purpose FSA at year’s end for use the following calendar year. For 2024, the rollover allowance is $610.
  • The health care or limited-purpose FSA will reimburse you up to the amount you agree to contribute for the year (less amounts already paid to you)—even if the money is not yet in your account.
  • You have until March 31, 2025, to submit a claim for your 2024 qualified expenses. (2023 expenses must be submitted by March 31, 2024)
  • Keep your receipts. The IRS or Fidelity may request it to substantiate the expense.
  • If your employment with MAPFRE ends for any reason, only expenses incurred while you were contributing to the FSA qualify for reimbursement. You may elect to continue to participate in the health care or limited-purpose FSA through COBRA on a post-tax basis. Contact the MAPFRE USA Benefits Service Center at 800-579-0889 for further details.

For a comprehensive list of qualified expenses, you may refer to IRS Publications 502 and 503.

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