HOW YOUR MEDICAL FSA WORKS

Your medical FSA lets you use your tax-free dollars to pay for medical, dental, and vision expenses not paid by your insurance plan. This includes your co-pays, deductibles, and co-insurance costs. You can use your FSA to save on out-of-pocket expenses incurred by you, your spouse, and your eligible dependents, even if you do not cover them under your insurance plan.

The Medical FSA is unique in that it is pre-funded. This means that you have access to your entire annual election amount on the first day of the plan year. So, if you have a $400 dental expense on the second week of your plan year, you can pay in full out of your FSA (provided that it does not exceed your annual contribution amount). Your payroll deductions will pay the account back over the year.

However, the FSA plan is a use-it-or-lose it account. Keep this in mind when picking your election amount since any unused amount is forfeited at the end of the plan year. Below are links to additional information on this plan:

Flexible Spending Account Explained - Every dollar contributed to an FSA is never taxed, which means you keep the 25 – 40% that is usually withheld on that money. You can then use your FSA money to pay for healthcare and dependent care expenses as defined by the IRS.

FSA Claim Form - use this form if you prefer to submit your claims manually rather than using your ASI Card. You also need to use this form to submit receipts when you use your ASI Card at a pharmacy

Eligible Medical Expenses - The IRS has defined a list of expenses which you can purchase with your tax-free dollars. A general rule of thumb is that if a doctor deems an item medically necessary, it is considered an eligible expense. The items on this list are approved. If you have a question regarding an item that does not appear on this list, please contact ASI at (800) 659-3035.