How much will you pay for out-of-pocket healthcare expenses? How much will you pay for items like health plan deductibles, copays, prescription copays, dental and orthodontic care and vision care (including glasses, contacts and even corrective surgery)?

You can save money by paying for these expenses with tax-free money if you sign up to participate in the Healthcare FSA.

What do I need to consider for enrollment?

You will need to estimate your out-of-pocket healthcare expenses.  It is important to be conservative in estimating what you will use as any remaining amounts left in the account will be forfeited. 

Why should I use an FSA for healthcare expenses rather than deducting the expenses on my income tax return?

Only medical expenses that exceed 7.5 percent of your adjusted gross income can be deducted on your federal income tax form if you itemize deductions. However, FSAs are tax-free from the first dollar. Money set aside through an FSA is also exempt from FICA taxes. Consult with a qualified tax advisor to determine which option is best for you.

What is the difference between this plan and the Dependent Care FSA?

A Dependent Care FSA allows money to be allocated on a pre-tax basis to a special account for qualified adult- and childcare expenses, rather than personal healthcare expenses.

Does the Healthcare FSA replace my insurance plan?

No. The Healthcare FSA offers you a means to pay eligible out-of-pocket healthcare expenses with pre-tax money. You should first submit claims to your healthcare, dental, or vision plan for payments according to the plan limits. Then, the remaining out-of-pocket eligible expenses can be submitted to your FSA plan. You may enroll in the Healthcare FSA even if you do not participate in Carilion's medical or dental plans.

How does the FSA Debit Card work?

When you enroll in the Healthcare FSA, you will receive an FSA Debit Card. This debit card looks just like a Visa card and can be used to access the funds in your FSA while reducing the amount of paperwork needed. You present your card at the time of service for things like copays, prescriptions, etc. and the funds are deducted from your account automatically.

Can the FSA pay my physician directly?

You may use the FSA Debit Card to pay your physician at the time of service. If you do not use the debit card, the plan will not pay your physician directly; payment can only be made to you.

Can the expenses that are reimbursed by my Healthcare FSA be deducted on my tax return as a medical expense?

No, because you have already received reimbursement with tax-free dollars. Only expenses not reimbursed through an insurance plan or an FSA may be claimed on your tax return.

If I elect to contribute to both the Healthcare and Dependent FSAs, and I exhaust all of my healthcare money, can I use my Dependent Care FSA to pay for healthcare expenses?

No. These are two separate accounts. You can not transfer money between the two or submit claims that are not consistent with eligibility requirements.

How long is my election in effect?

Your election is in effect until the end of the plan year. You must re-enroll each plan year.

How long do I have to spend the money in my FSA?

You have until March 15 of the following year to incur expenses and spend the dollars in your account. Any dollars not spent by March 15 will be forfeited. If you separate from Carilion, you may only be reimbursed for services through the date of your separation unless your participation is continued through COBRA.

Am I refunded the amount left in my FSA at the end of the year?

No. The IRS has determined that an element of risk must be involved in any kind of benefit protection that provides a substantial tax savings. Any unused amount after March 15 of the following year will be forfeited.

How can I check my account balance?

There are several ways:
• Access your account at www.myshps.net using FSA Online, an account inquiry system that you access by a secure login screen.
• Call the SHPS AccountLink phone system at 1-800-678-6684.
• Review your account balance displayed on the Explanation of Benefits issued when your claims are processed.
• Review statements you receive during the plan year that detail your account activity.

Is there a deadline for submitting claims?

You may submit claims at any time for expenses incurred during the plan year. You have until March 31 of the following year to submit expenses.

What are eligible expenses?

What are ineligible expenses?

You may review a complete list of eligible expenses here.