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about Medical FSA
Precision Administrators, Inc., specializes in Medical Flexible Spending Accounts and knows how to help you re-invest in your family's quality of life.
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What is Medical FSA?
A Medical Flexible Spending Account is an employer-sponsored benefit that allows you to pay for medical expenses with pre-tax money. The amount you contribute to the account for the year is deducted from your salary before income taxes are applied.
What is the benefit of a Medical FSA?
Your annual election amount is given to you in full at the beginning of your plan year! This helps lower your overall cost of medical expenses. It also can reduce your fiscal year taxes offering you and your family financial relief.
Who can use my Medical FSA funds?
You can use your FSA funds to pay for certain medical, dental, and vision expenses for yourself, your spouses, and your dependents! PAI provides two debit cards to each participating member - feel free to share with your family!
What is considered an eligible expense?
A few examples of eligible items are:
- Copays
- Deductibles
- Qualifying Prescriptions
- Certain Medical Equipment
- OTC Medication
- Prescription Eyewear
- Dental Services
- Medical Procedures
- Laboratory Tests/Exams
How much should I contribute to my Medical FSA?
There is no one size fits all solution to how much to contribute! Generally you should contribute at least as much as your medical, dental, and vision copays cost you on an annual basis. If you require prescriptions and medical equipment it is always wise to increase your contribution.
How much can I contribute to my Medical FSA?
The maximum contribution for the 2023 Plan Year was $3,050.00. The new maximum contribution for the 2024 Plan Year is $3,200.00
What is the difference between a Grace Period and a Carryover?
An employer decides whether the group enrolls as a “Grace Period” group or a “Carryover” group. A Grace Period allows an employee the ability to spend the remainder of the previous year’s FSA funds for 2.5 months after the last day of the plan year. A Carryover allows an employee to roll a maximum of $610.00 from the 2023 Plan Year into the 2024 Plan Year, and $640.00 from the 2024 Plan Year into the 2025 Plan Year.
What do I do if I left my FSA debit card at home?
Submit your out-of-pocket reimbursement claim via the Employee Portal or by email to: claims@paibenefits.com