Health Savings, Medical & Dependent Spending Accounts
A Medical Spending Account is an account you set up for your anticipated, eligible medical services, medical supplies and dependent care expenses not normally covered by your insurance. You can choose either, or both, a Medical Spending Account (MSA) and a Dependent Care Spending Account (DCSA).
Your Medical Spending Account funds are deducted before federal and state taxes are calculated on your paycheck, AND your MSA funds are available to you in one lump sum at the beginning of your plan year! With either of these Flexible Spending Accounts, you benefit from having less taxable income in each of your paychecks, which means more spendable income to use toward your eligible medical and dependent care expenses.Once you decide how much to contribute to your Medical and/or Dependent Care Spending Account, the funds are deducted in small, equal amounts from your paychecks throughout the plan year. Before signing up for an FSA, review this reference guide to understand how FSA's can save you and your family a significant amount of tax money.
Important Dates to Remember
- Your Open Enrollment is: October 1 through October 31
- Your Period of Coverage is: January 1 through December 31 following the open enrollment period
- You must re-enroll in medical spending, limited use medical spending and dependent care accounts during EACH enrollment period.
- Enrollment in a Health Savings Account does not have to be renewed each year. Your contribution will continue until you cancel or change the amount during an enrollment period.
- Re-enrolling can be done online at www.myFBMC.com
- To enroll in a new account, complete an enrollment form in October
- Return your completed enrollment form to Payroll and Benefit Services (inter-office mail or fax 843-488-6726)