Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars for certain health/prescription drug, dental and vision expenses, as well as dependent care expenses for your dependents who meet the IRS qualifications of a tax dependent. CoreSource’s FSA Administrator (CoreFlex) provides easy access to your tax-free FSA dollars. The maximum you can contribute to a health care FSA is $2,650 for calendar year 2018; the dependent care FSA maximum contribution is $5,000 per family. The elected contribution amount is equally deducted, on a pre-tax basis, over each pay period during the calendar year. Expenses may be incurred throughout the year and up until the end of the grace period (March 15 of the following calendar year) to be reimbursed from your contributed dollars; any remaining balance after the end of the grace period will be forfeited.
Note: You are not permitted to enroll in a Health Care FSA if you are enrolled in the LG Consumer Plan.
The Health Care FSA allows you to use pre-tax dollars to pay for out-of-pocket expenses not covered through your insurance plans such as deductibles and co-pays. The annual limit for 2018 is $2,650.
Examples of items eligible for reimbursement from a health care FSA include:
Eligible and Ineligible Health Care FSA Expenses
Note: If you are married, both you and your spouse must be working -unless your spouse is a full-time student or totally disabled – to participate in the Dependent Care FSA.
The Dependent Care FSA allows you to use pre-tax dollars to pay for day care expenses of a child and/or adult dependent, including expenses for services provided by a qualified caregiver for day care provided in your home, someone else’s home or a day care center. The annual limit for 2018 is $5,000.
Eligible dependents include: Your children under age 13 whom you claim on your Federal Income Tax return, or a dependent adult who is not capable of self-care and spends at least eight hours a day in your home. You have two tax-favorable options available to you when paying for day care—this Dependent Care FSA or the government’s Federal Child Care Tax Credit- but expenses can only be claimed in one of the options.
Eligible and Ineligible Dependent Care FSA Expenses
CoreFlex is LG Health’s FSA Administrator. CoreSource Connect representatives are available 24 hours a day and 7 days a week at 1-877-848-9997 if you need help using your FSA or with any questions regarding the LG Select Plan. View your FSA balance on CoreSource’s website, www.mycoresource.com.
1. BENNY Card: Each enrolled FSA participant receives two BENNY cards. A BENNY card is used like any other credit card – when accessing FSA eligible services, present the BENNY card and the card system will automatically deduct the eligible expenses from your FSA account balance. It can be used at any location that accepts MasterCard. Check the balance of your FSA and access account details online at www.mybenny.com or call 1-877-267-3359. Remember to keep BENNY card receipts.
Do not discard your BENNY cards; they are re-loaded each year with your future calendar year FSA contributions. You may need to submit receipts for purchases made with a BENNY card, so please retain your receipts for audit purposes.
2. Reimbursement by check: Fill out a Request for Reimbursement Form**, attach a receipt and send to CoreFlex. You will receive a check for the eligible reimbursement amount at your home address.
3. Reimbursement through Direct Deposit: You will automatically receive the reimbursement directly in your bank account for any out-of-pocket expenses incurred from any eligible expense.
**FSA Reimbursement and Direct Deposit forms are available under Resources, Forms.
The “Grace Period” follows the end of the Plan Year, during which time amounts that you have contributed that are unused at the end of the Plan Year may be used to reimburse eligible expenses incurred during the Grace Period. Eligible expenses incurred during a grace period will be paid first from available amounts that were remaining for the Plan Year to which the grace period relates and then from any amounts that are available to reimburse expenses incurred during the current Plan Year.
The grace period for Lancaster General Health’s plan extends from January 1 to March 15 following the end of the Plan Year. You have until April 30th after the Plan Year ends to request reimbursement for expenses incurred during the grace period.
QTAs allow employees to set aside funds for eligible transit (pre-tax) and parking (post-tax) expenses; governed by IRC Section 132. Parking accounts and transit accounts are separate and funds cannot be transferred from one to the other. Transit and/or parking benefits are limited to employee expenses only: Reimbursement is not allowed for spouse or dependent transit or parking expenses.