Life can be taxing enough – so get real relief by contributing to one or both of the separate flexible spending accounts administered by Aetna. When you use an FSA, your tax-free dollars go a lot farther to pay eligible healthcare expenses for you and your family or dependent care expenses for your kids or dependent parent. This special pre-tax account helps you pay for out of pocket healthcare expense. You simply set aside money each pay period to meet eligible expenses incurred during the plan year. You may choose to contribute a specific amount deducted from your paycheck up to $5,000.00 per year. You also have the option to have your FSA reimbursement directly deposited into your personal banking account.
*If you are a value plan participant, the County will match your FSA contribution dollar for dollar up to a total match of $500.00
Medical FSA
You have two options as to how your claims are filed:
Auto-file (or Streamline) – Aetna will automatically process your FSA claims if you participate in Montgomery County’s medical and/or dental plans. As part of the auto-file, when you go to the pharmacy to fill a prescription, simply show your Aetna healthcare card and your payment will be deducted from your FSA account in “real time”. Claims for medical and dental expenses from plans other than Montgomery County plans will have to be filed manually as well as over-the-counter (OTC) products and eyewear. If you want this option, you will have to wait until Aetna has received your eligibility, then elect this option online via Aetna Navigator (www.aetna.com) or call Aetna’s FSA member services (1-800-348-3666).
Manual - You will be required to complete a healthcare/OTC claim form and submit a copy of your medically eligible receipt via fax or mail. If you file your claims manually, you will not be able to take advantage of the “real time” reimbursement at the pharmacy.
Dependent Care FSA
You can use your dependent care account to pay for expenses incurred in caring for your eligible dependents while you work. Under the plan eligible dependents include children under age 13 who qualify as a dependent for federal tax purposes or your spouse/elderly parent/or other qualified dependent who his physically or mentally incapable of self-care. To participate you must be single – or married with a spouse who works or is a full-time student. You must also have custody or your eligible children. Dependent care expenses include day care centers, nursery schools, and licensed in-home care. Annual limits if single or filing a joint tax return are $5,000.00, if married filing separately $2,500.00. If you participate in the dependent care FSA, you cannot claim the same expenses on your tax return at year end.
Use it or Lose it
Keep in mind that the IRS has strict rules regarding FSA use due to the great tax advantage it offers. The most important rule is whatever money you do not use you lose. Expenses must be incurred by the end of the plan year (June 30) to qualify for reimbursement.
www.aetnaFSA.com
1-800-348-3666
FSA Healthcare Claim Form
FSA Dependent Care Claim Form
FSA OTC Claim Form
