How FSAs Work
Health Care FSA | Limited-Purpose FSA | Dependent Care FSA | |
---|---|---|---|
Your Pre-Tax Contributions | You can contribute up to $3,050 per year. | You can contribute up to $3,050 per year. | You can contribute up to $5,000 per year. If your spouse also contributes to a dependent care FSA, your combined annual contribution cannot exceed $5,000. (If you file separate tax returns, the maximum annual contribution is $2,500 each.) |
When are my Funds Available? | Immediately | Immediately | Upon deposit, if your qualified expenses are greater than your account balance, you’ll be reimbursed as funds are deposited into your account. |
Qualified Expenses | Health care expenses not covered by your medical, dental and vision care plans, such as: • Medical, prescription drug, dental and vision plan deductibles, copays and coinsurance • Orthodontia expenses • Vision care expenses, including exams, eyeglasses, contact lenses and lens maintenance solutions, laser eye surgery • Over-the-counter drugs and items such as bandages, arm/leg/back braces, crutches, etc. • Chiropractor expenses for medical care • Orthopedic shoes/braces • Hearing aids and batteries | Qualified dental and vision care expenses not covered under your dental and vision plans. Examples of qualified expenses include: • Dental cleanings and exams, fillings, crowns, root canals, implants, surgery and orthodontia • Contact lenses, eyeglasses, refractions, vision correction procedures, contact lens solution/cleaner, eyeglass repair kits • Vision plan and dental plan coinsurance and deductibles | Qualified dependent care expenses that enable both you and your spouse to work (or attend school full-time), such as: • Adult daycare • Licensed nursery schools • Daycare centers • Babysitting (nanny/au pair) • Summer day camp • Before-school or after-school care for children under age 13 |
Non-Qualified Expenses | • Exercise equipment or athletic, health or fitness club dues • Insurance premiums (including COBRA premiums) • Vitamins, natural foods, dietary supplements, homeopathic medications or weight reduction program to improve appearance, general health or well-being • Elective cosmetic surgery | • Eye serums or wrinkles creams • Insurance premiums (including COBRA premiums) • Mouthwash • Teeth bleaching/whitening • Toothpaste and toothbrushes • Cosmetic dentistry, including teeth whitening | • Care provided by your dependent under age 19 • Household services • Institutional care, such as nursing home services • Overnight summer camp • Private school (kindergarten or higher) • Weekend or “evening out” babysitting |
Who is Eligible? | Any individual you claim as a dependent for federal income tax purposes, whether or not that individual is enrolled in a MAPFRE-sponsored medical plan. Once a dependent child reaches age 26, any expenses incurred for that child after that date will not qualify for reimbursement. | Any individual you claim as a dependent for federal income tax purposes, whether or not that individual is enrolled in a MAPFRE-sponsored medical plan. Once a dependent child reaches age 26, any expenses incurred for that child after that date will not qualify for reimbursement. | You can submit expenses for reimbursement through the dependent care FSA for: • Your children up to age 13 • Disabled children over age 13 • Incapacitated dependent adults of any age whom you claim as dependents for federal income tax purposes and who spend at least eight hours a day in your home |
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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