What happens to my FSA if I get laid off by my employer?
In the unfortunate case that you’ve been laid off by your employer, you can take solace in knowing you won’t have to pay the difference of any funds you’ve used but haven’t funded from your paycheck (pro-rated).
Can I use my entire FSA amount immediately after enrollment?
Yes, you can start using your entire designated amount at the beginning of your benefit year if you wanted to, even though you’re only funding it from your salary (pro-rated) a paycheck at a time. For example, on day one, you can go get that LASIK surgery that uses up your entire account.
What are Dependent Care FSAs, and how are they different from Health/Medical FSAs?
Dependent Care FSAs are a different beast from Health FSAs. Dependent Care FSAs can be used to pay for eligible child care expenses, as well as care for a family member who is incapable of self-care and lives with the employee. This site deals solely with Health/Medical FSAs, which cover the costs of medically-eligible services and items.
I’m getting FSAs confused with HSAs (Health Savings Accounts). What’s the difference?
In a nutshell, HSAs are used within health care plans, while FSAs aren’t necessarily tied to any particular insurance plan. An FSA is just an extra savings instrument that can be offered to you as an added benefit by your employer. According to Wikipedia:
“The most common type of flexible spending account, the medical expense FSA (also medical FSA or health FSA), is similar to a health savings account (HSA) or a health reimbursement account (HRA). However, while HSAs and HRAs are almost exclusively used as components of a consumer-driven health care plan, medical FSAs are commonly offered with more traditional health plans as well.”
Can I get reimbursed for miles driven on my car for medical reasons?
Yes, you can submit a claim for travel (by your car or motorcycle) to/from health care providers, hospitals, pharmacies and other places that you receive eligible medical care. You will be reimbursed 23 cents per mile, effective January 1, 2015.
