Sign Up and Save 30% on Healthcare and Dependent Care Costs!
Contributing to an FSA allows you to save money for health care expenses with a Health Care or Limited Expense Health Care FSA. Think of it as a savings account that helps you pay for items that typically aren’t covered by your medical, dental, or vision coverage. Examples of eligible expenses are co-pays, deductibles, co-insurance, dental work, chiropractic care – and more.
CompuGain also offers an account for families with young children – the Dependent Care FSA. This account allows you to set aside money to pay for expenses for pre-school, after-school care, and summer camps.
How do I SAVE money?
The money contributed to your FSA account is set aside before taxes are deducted, so in most cases you save about 30% on your Federal taxes. The average tax savings for a person earning $50,000 who contributes $2,000 into an FSA account is approximately $600. That means you get $2,000 worth of health care purchasing power PLUS pay about $600 LESS in Federal taxes. FSA contributions are not simply another deduction from your pay check; it is money that you are already spending and for which you will be reimbursed. Go to the TASC FSA Savings Calculator and check out your estimated savings today!
How do I get started?
Review the links provided to see if an FSA is right for you.
2020 FSA Contribution Limits:
Dependent Care $5,000.00
Please note that outside of a having qualifying Life Event, you may only elect to participate or make changes to an FSA during Open Enrollment or within 31 days of your eligibility date.
Please note that CompuGain offers 2 medical FSA options: Standard Medical FSA and Limited Scope Medical FSA. If you have enrolled in a high deductible medical plan and elected an HSA account you are no longer eligible to use FSA contributions to participate in a full coverage (standard) Healthcare FSA. However, you are still eligible to participate in a Limited Purpose Healthcare FSA. This type of FSA limits which healthcare expenses are eligible for reimbursement to dental and vision expenses. Enrolling in an HSA does not affect participation in the Dependent Care FSA.
If you are electing to participate in the Limited Scope FSA please be sure to check the “I elect a limited or limited post-deductible medical (out-of-pocket)” option under #1 on the enrollment form in the “Election Amounts” section.
$500 Carryover into the Following Plan Year! Have you been hesitant in the past to contribute to an FSA because you were worried about over contributing and having to forfeit unused money at the end of the plan year? Worry no more! Now up to $500 of unused funds can carryover into the next plan year with no cost or penalty.
FSA Forms and Information Links:
- Advantages of an FSA Account
- Limited Scope FSA
- FSA $500 Carryover
- TASC Card for FlexSystem
- Eligible Expenses
- FSA Enrollment Form
Plan Summary Descrptions for Your Review: