Page 35 - 2022_OE Benefits Guide

Health FSA & LPFSA Dependent Care FSA

What are they, and should I consider enrolling? The Dependent Daycare FSA offers a convenient are unable to claim reimbursable expenses.
The Company offers two types of accounts that may reimburse you for your eligible out-of-pocket way to use pre-tax dollars to pay for eligible Funds DO NOT roll over from year-to-year. Unlike
expenses; a Health Care Flexible Spending Account (FSA) and a Limited Purpose Flexible Spending child and elder care expenses (generally an HSA, you must use the funds in your FSA
Account (LPFSA). expenses you incur so that you can work). by December 31, 2022, or you lose them.
Enrollment is not automatic. You must actively Deadline for claims submission: All claims for
Enrollment in these accounts is never automatic. It is mandatory that you actively enroll in your FSA enroll in the Dependent Care FSA each year. reimbursement for the 2022 plan year must be
each year during Open Enrollment or your new hire enrollment. filed prior to March 31, 2023.
Contributions are deducted from each paycheck
and deposited into an account that may be Expenses You Can Pay with a
HEALTH FSA LPFSA (LIMITED PURPOSE FSA) accessed with a claim form. Dependent Daycare FSA:
Child Care (while you work) for child(ren) under
The Dependent Daycare FSA has IRS limitations
Standard PPO, Core or Buy-Up HDHP of $10,500 per year and further limitations for age 13, provided by
Which medical plan is this (No HSA). You don’t need to be Core or Buy-Up HDHP with HSA certain married participants. Your taxable • After school program
account available for? enrolled in a medical plan to income will be reduced by the amount you • Daycare center
contribute to a Health FSA. set aside for your FSA every pay period. It is
important to estimate the amount of your out-of- • An individual who is NOT also your tax
dependent
This health care account is only pocket expenses carefully and plan your payroll
Eligible healthcare expenses, contributions accordingly. • Summer day camp
available if you are contributing to
What would I use this account for? including dental, vision and an HSA and you can only use it for
prescription medication expenses. Elder Care (of your tax dependent)
eligible vision and dental expenses. Unlike Health FSA, the Dependent Care FSA
can only reimburse you for amounts you have • In your home
on deposit as you incur claims. You must incur • Adult daycare
What is the maximum amount I $2,750 - the IRS pre-tax reimbursable Dependent Care expenses during
can contribute to this account? contribution limit as of this writing the 2022 plan year or during your benefit period Not Reimbursable:
if enrolling as a newly eligible employee. • Health care expenses of your child or other
Your entire goal amount is dependent
When are the funds available? available at the beginning of the Before you enroll in Dependent
benefit period. • Babysitting for non-work related activities
Day- care FSA, note this account
You will forfeit amounts not is NOT for reimbursement of • Dance lessons
What happens if I don’t use the • Tutoring services
money during the year? claimed for expenses incurred dependent health care expenses!
during the benefit period. • Field trips
Do not enroll in this plan unless you expect
to incur eligible expenses, such as daycare • Dog walking
Contribution allowed for Medicare Yes Yes, to end of year in which services that can be substantiated with a
enrolled? Medicare enrollment first occurs
receipt.

www.optumbank.com Also consider: Compare the Dependent
Provider Contact
1-800-243-5543 Daycare FSA to the Federal dependent care
tax credit to see which approach provides you
with the better tax advantage. In some cases,
How to File FSA Claims you may be able to split your eligible expenses
File claims with OPTUMBank. File claims with OPTUMBank through March 31, 2023 for between a Dependent Care FSA and the tax
credit. You may wish to consult your tax advisor.
2022 FSA expenses incurred through December 31, 2022. Log on to
www.optumbank.com
Forfeiture of Benefits
Be conservative in estimating health and
dependent care expenses. You will forfeit
amounts remaining in your Health Care and/or
Dependent Care FSA account(s) for which you

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