Tuesday June 26th, 2018
Whether you’re enrolled on the company HSA or you’re receiving dependent care benefits from your employer, you may have questions about your accounts handled through Infinisource Benefit Services. We rounded up 6 of the most commonly asked questions from participants to help eliminate the confusion.
The short answer is maybe, but the long answer is that it depends on what OTC products you want to buy with your FSA account. For a list of eligible and ineligible expenses, click here. Some of the examples of OTC eligible expenses include first aid dressing and supplies, diabetes testing and aids, eye care, family planning, diagnostic products, athletic and elastics treatments, sunscreen (SPF 15 and over), medical batteries, incontinence products, and denture supplies. You may need to show proof of medical necessity to purchase the items, which you can typically get from your doctor. Over-the-counter medications still require a prescription to be eligible.
Transit and parking accounts are designed to offset the costs associated with getting to and from work. Employees can set up a transit or parking account, allowing them to set aside funds on a pre-tax basis. Those funds can be used to pay for transit passes and/or vanpooling expenses in a commuter highway vehicle with the transit account, or qualified parking expenses, located near the accountholder’s place of work or point of commute, with the parking account.
There are several simple ways to check your FSA account balance. You can visit Infinisource.com and click on “Login” in the top right-hand corner of the page. Enter your username and password to get into your account. On the main page, your current available balance(s) will show up on the left-hand side of the screen, split into accounts. For example, you might see your health care FSA balance and your dependent care balance.
You can also use the iFlex mobile app to check your balance. Simply open the app on your device and log in. Your account balance(s) will appear on the home screen. iFlex is available on the App Store and Google Play.
Filing a claim can also be done from the website or the iFlex mobile app. When you log in through Infinisource.com, the “file a claim” button appears on the left-hand side of the screen, just above the available balances. You will need to choose the account from which the payment will be made, as well as who is being paid on the claim. Upload your valid documentation and enter the date of service, amount, provider, category, type, and person receiving the service. Upon submitting the claim, you should receive an email confirming the submission.
Through the iFlex mobile app, the “file a claim” button appears at the top of the screen. You can use your device’s camera to snap a photo of the receipt or other documentation. Go through the same steps and hit submit.
A dependent care FSA is different from a health care FSA in that its sole purpose is to pay for expenses related to caring for dependents so that parents can go to work or school. If your children or qualified dependents are enrolled in summer day camps, these expenses are eligible under the FSA. Other eligible expenses include before-school and after-school care, nanny and babysitting expenses, day care, preschool, and nursery school costs (as long as they occur during the hours in which the parents are working), and care for a relative or spouse who lives in your home and is mentally or physically unable to care for themselves.
This is another question where the answer isn’t quite as simple as “yes” or “no.” If your FSA is for dependent care expenses, you absolutely can have both that type of FSA and an HSA. However, if you’re looking to contribute to an HSA and a health care FSA during the same months of the year, you’ll have to make sure that the FSA is a limited purpose or post-deductible FSA. The main advantage of doing so is setting aside additional pre-tax money to pay for vision, dental, and other qualified expenses under the limited purpose FSA.
At Infinisource Benefit Services, we also offer a helpful resource center for FSA, HSA, and HRA participants. Visit Infinisource.com and hover over the Resources tab at the top of the screen. Select the resource center you wish to view, and then select participant/employee, depending on your role. Each is packed with helpful resources, including how-to videos, guides, and FAQs.