Flexible spending accounts (FSA) are among the most significant tax shelters allowed by the IRS. Read on to learn how you can take advantage of substantial tax savings by using spending accounts. The health, dependent care and transit and parking flexible spending accounts are administered by WageWorks(http://www.takecarewageworks.com/).
Over-the-Counter (OTC) Drugs and medicines: as of January 1, 2011, your FSA can not reimburse you for OTC drugs and medicines (other than insulin) without a doctor’s prescription. OTC drugs/medicines can no longer be reimbursed through your FSA.
The employee website (www.myflexonline.com) now provides you with the option to enter claims online via the “Internet Claim Entry” option.
FSA - Health Care
- FSA HealthCare Information
- Over the Counter Fact Sheet
- FSA Health – eligible expenses
- Health Care Claim form
FSA - Dependent Care
FSA - Transit & Parking (Commuter)
- 2015 Transit - $130 Maximum Monthly Election
- 2015 Parking - $250 Maximum Monthly Election
- FSA - Transit & Parking (Commuter)
- Transportation & Parking Account
- FSA – T&P eligible expenses
- Transit & Parking Claim form
- Transportation & Parking Enrollment/Change Form
Health Savings Account (HSA)
A Health Saving Account (HSA) is available only to employees who participate in the Blue Shield High Deductible Health Plan (HDHP). A HSA is like a IRA for healthcare. It is a tax-advantaged personal savings or investment account that you can use to save and pay for qualified health expenses, now or in the future. Paired with a qualified high deductible health plan (HDHP), an HSA is a powerful financial tool that empowers you to be more actively involved in your healthcare decisions.
An HSA allows you to:
- Save toward medical expenses (including dental and vision), up to IRS maximums (see Table 1)
- Have your contributions deducted on a pre-tax basis
- Change your contribution amount at any time
- Roll the funds to the following year (this is not a “use it or lose it” plan)
- Keep the account; it is portable; it goes with you if you leave employment
- Use a debit card to pay for qualified medical expenses
- Use the funds to pay for IRS tax dependents even if they are not enrolled in the HDHP
Table 1 - HSA Contribution Limits for 2015
|Annual Single Contribution Maximum||$3,350*|
|Annual Family Contribution Maximum||$6,650*|
|Annual Catch-Up Contribution Maximum
(For HSA participants that are 55 years or older)
* These amounts are the maximum the IRS allows you to contribute to your HSA. If the Court contributes $900 into this account you have to deduct that amount from this limit As an example $3,350 - $900 =$2,450 would be the annual single contribution maximum you can make on a pre-tax basis.
- If you have a Healthcare Flex Spending Account (FSA) for 2014, you cannot open an HSA until the available funds in your 2014 FSA Healthcare account has been used, and the balance in your Healthcare FSA account is $0.
- You cannot have an HSA and be a dependent on another person’s health insurance plan, unless that plan is also a High Deductible Health Plan.
- The Court will contribute $900 annually over 24 pay periods into your Sterling HSA account.
You must open your HSA with Sterling HSA. If you do not open your account you will not be able to receive any of the Court’s contributions.
Health Savings accounts are administered by Sterling:
CONTACT HUMAN RESOURCES:
Superior Court Figueroa Division
118 East Figueroa Street
Santa Barbara, CA 93101
Superior Court Cook Division
Santa Maria Office
312 E. Cook St. Bldg. E.
2nd Floor Rm. 242
Santa Maria, CA 93454
Phone: (805) 882-4739