Flexible Spending Account (FSA)
A Flexible Spending Account (FSA) is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan. Pre-tax means that the cost of your benefits is deducted from your paycheck before taxes are calculated, and you are therefore only taxed on your remaining paycheck balance. You pay less taxes with this option. You will lose any unused balance, over $500, at the end of the plan year. In most cases, if you leave DPS you will lose your unused FSA balance. If you cancel your FSA due to a Qualifying Life Event, you also will lose your unused FSA balance. DPS offers three FSA options - see below.
All benefits-eligible employees are qualified to enroll in an FSA.
For FAQs on FSA plans, click here.
DPS will help you start saving by contributing $27.92 per paycheck to your HSA (if you have opened one) or applying this discount to your semi-monthly HMO medical insurance deduction, reflected on each paycheck.
Use this calculator to estimate your annual eligible expenses and determine an annual FSA election amount that’s right for you and your family.
DPS Offers 3 FSA Plan Options
Dependent Care FSA +
*Allowed if you are also enrolled in or are not enrolled in an HSA
Through a Dependent Care FSA, an employee can pay for eligible health care and dependent care expenses (such as child care) with pre-tax dollars. You are able to access your funds as they are deposited into your account each pay period.
HSA-Compatible FSA +
*Allowed only if you are also enrolled in an HSA
An HSA-Compatible FSA can only be used to reimburse dental and vision expenses. Funding an HSA-Compatible FSA may be a good idea if you anticipate significant out-of-pocket dental and vision expenses in the coming year. You are able to access your full annual election amount starting on the first day of your plan year.
Healthcare FSA +
*Not allowed if you are enrolled in an HSA
The Healthcare FSA allows you to set aside money from your paycheck, before income taxes are withheld, to pay for eligible out-of-pocket expenses, such as deductibles, copays and other health-related expenses, that are not paid by medical, dental or vision plans. You are able to access your full annual election amount starting on the first day of your plan year.
Things to consider when contributing to an FSA
- For the health care FSA, at the end of the plan year, you can carry over up to $500 from your health care FSA to use next year. Any amount in excess of $500 will be forfeited.
- You cannot take income tax deductions for expenses you pay with your health care FSA and/or dependent care FSA.
- You cannot stop or change contributions to your FSA during the year unless you have a qualifying life event consistent with your change in contributions.
- You must re-enroll at open enrollment to continue your contributions, annually.
- Services must be incurred within the plan year, and reimbursement claims must be received by the carrier no later than 90 days following the end of the plan year.
Account access and usage: Visit Wageworks.com or call 1-877-924-3967
Payroll deductions: Call HR Connect at 720-423-3900 or email Connect_HumanResources@dpsk12.org