27 May 2022
Flexible Spending Account
Flexible Spending Account (FSA) are pre-tax benefit accounts that allow you to put aside funds to use towards medical expenses throughout the year.
Employees can utilize their available funds only for qualified medical expenses (QME) while employed with SMP as the funds are not portable, cannot be invested or used towards medical expenses during retirement. Your funds can be used to cover any IRS allowed health expenses using a debit card from Fidelity. In the event of separation of employment, employees will lose any remaining funds in their Flexible Spending Account to the employer.
There are 2 types of FSAs
- Health Care FSA: A Health Care FSA is an account that’s used to pay for qualified medical, prescription, dental, and vision expenses not covered by your health plan.
- Dependent Care FSA: A Dependent Care FSA is used to pay for eligible dependent care expenses, such as preschool, summer day camp, before or after school programs, and daycare expenses.
To process reimbursements, employees may be required to upload certain transaction receipts on NetBenefits.com in accordance with IRS rules. Employees can also view their remaining balance, past 30 days transactions, file a claim, activate or order a new card, manage PIN, report lost/stolen card and more on Netbenefits.com.
For more information regarding FSAs and its benefits, please contact our benefits team or Fidelity at: 800-544-3716.