Flexible Spending Accounts�& �FSA�Open Enrollment��November 2023

Topics

• What is a Flexible Spending Account? How does it work?
• What are the pros and cons of having an FSA?
• Health FSA specifics
• Dependent Care FSA specifics
• How do I sign up for an FSA?

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Flexible Spending Account Basics

• Special account that lasts for a year:
• CCC FSAs run for a calendar year (January 1 – December 31)
• Sign up in advance during open enrollment or at time of hire
• Funded by pre-tax payroll deductions (equal amount each pay period
• Used to pay for eligible costs
• CCC offers two types:
• Health
• Dependent Care

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What the advantages?

• Tax savings
• Health FSA:
• Your health FSA full-year amount is available to spend on January 1
• Costs covered as they arise throughout the year
• Pay for costs evenly throughout the year through payroll deductions

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How do you save in taxes?

How do you save in taxes?

How do you save in taxes?

How do you save in taxes?

How do you save in taxes?

What are the disadvantages?

• Full calendar year commitment
• Note: Unless there is a qualifying event, the amount generally cannot be increased or decreased during the year. A qualifying event: marriage, divorce, child, leaving CCC
• Dependent Care:
• Cash Flow: Need to both pay for the child care directly AND do the payroll deductions, then one can claim reimbursement
• Alternative: Could take a dependent care tax credit instead

Health FSA

• In 2024, maximum of $3,200 a year ($123.08 per paycheck)
• $600 can be rolled over for your 2023 FSA, if you had one
• Your family can be dependents on your account
• You and your spouse can both of health FSAs
• Can pay at point of service/sale with a special credit card sent to you from London Health
• Can also pay the bill yourself and claim reimbursement

Health FSA

• Eligible expenses
• Certain Over-the-Counter Medications
• Dental Deductibles
• Dental Work, Orthodontia
• Hearing Aids, Repairs, and Batteries
• Eye Exams, LASIK Surgery
• Prescription Eyeglasses, Contact Lenses
• Vision Solutions and Supplies
• Focus Plan Medical Deductible (the $250 not covered by CCC)
• Medical Copays
• Prescription Drugs
• Medical Supplies & Equipment
• Chiropractic Care & Acupuncture

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• Ineligible expenses
• cosmetic surgery & procedures
• custodial nursing care
• dental hygiene products
• health club dues
• insurance premiums

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• Can check fsastore.com

for eligibility

Dependent Care FSA

• In 2024, maximum of $5,000 a year ($192.31 per payroll)
• Can be spent on certain dependent care expenses such as daycare, babysitting during work hours, before/after-school care, day camps and elder care.
• Amounts contributed can only be claimed on a reimbursement basis after the care is paid for and provided.

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How do I sign up?

• The rollover amounts from this year’s FSA happen automatically ($600 max for the health FSA)
• You do need to sign up for a new FSA each year if you want to make new contributions
• You can sign up for an 2024 FSA during FSA Open Enrollment (November 20 – December 13) or a time of hire
• The FSA coverage period and new deductions start January 1 and run through December 31, 2024

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How do I sign up?

During Open Enrollment, one can sign up through the ADP Mobile App or by logging into ADP from a computer.

Please contact Kristin Pineo (hr@campus-cc.org) for assistance.

Flexible Spending Account Claims

1. London Health Administrators credit card (Health FSA)
2. Email Claims: customerservice@londonhealthusa.com
3. Submit Claims via the LHA App
4. Mail Claims with Claims Form:

London Health Administrators

40 Commercial Way

East Providence, RI 02914

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Flexible Spending Accounts�& FSA�Open Enrollment

November 2023�Tahia: benefits@campus-cc.org