FLEXIBLE SPENDING ACCOUNT
What are Flexible Spending & Dependent Care Accounts?
Flexible Spending Accounts are special accounts you put money into that you use to pay for certain out-of-pocket health care costs. You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.
Dependent Care Accounts are pre-tax benefit accounts used to pay for dependent care services, such as preschool, summer day camp, before or after school programs, and child or elder daycare.
• Plan year is from January 1, 2020 to December 31, 2020.
• Total medical contribution is available at the beginning of the plan year immediately after the first deduction is made
• Participant must elect the FSA plan for the next year in order to access carryover funds
• Any balance remaining in the Dependent Care Account at the end of the year will be forfeited
• Transfer of funds between Dependent Care and Unreimbursed Medical are prohibited
• Married and not filing jointly participants limited to $2,600 deferral for DCSA
SUBSTANTIATION REQUIREMENTS FOR HEALTH FSA'S!
Always keep your receipts. Send them to Medcom ONLY when requested to substantiate your debit card transactions along with your receipt request letter. You will not be asked to substantiate debit card transactions that are co-payments or recurring expenses you have pre-registered with Medcom.
PLEASE REVIEW YOUR FSA BALANCE REGULARLY
Please verify your FSA balance as soon as possible. Continue to review your FSA balance and transaction history on a frequent basis by creating an account online at https://medcom.wealthcareportal.com (Click button below) or by downloading our free Mobile App through your App Store. Please report your card lost or stolen immediately if necessary to protect against fraud. You have 55 days from the date of the debit card transaction to report suspicious activity.
Please note for online registration:
Employee ID = Social Security Number (no dashes or spaces)
Registration ID = FSA Debit Card Number
IMPORTANT REMINDERS ABOUT USING YOUR DEBIT CARD
• The IRS regulates the rules applicable to FSA debit card use. We must abide by these rules and regulations;
• All transactions made with your FSA debit card must be made as a Credit (not a Debit) transaction;
• The card may only be used to pay your out-of-pocket expenses for eligible FSA medical items and services, based on your election amount; or eligible Dependent Care expenses based on your available account balance.
• Your card is valid through the expiration date shown on the front of the your Debit Card. You will receive one card if you are enrolled in FSA or DCAP.
Should you have questions, Medcom’s Customer Service team is available Monday – Friday from 8:30am-5pm ET at (800) 523-7542 Option1.