Apex allows you to contribute to one or both flexible spending accounts, which allow you to save taxes on certain out-of-pocket health care and dependent care expenses. The FSAs are administered by TaxSaver.
What is a Flexible Spending Account?
A Flexible Spending Account (FSA) is a tax-free method for you to pay out of pocket eligible medical, dental and vision expenses, as well as eligible child care expenses. You can elect up to $2,700 for the Health FSAs and up to $5,000 for the Dependent Day Care FSA. Apex will deduct the amount you elect on a pre-tax basis over the number of pay periods during the plan year.
The Health FSA provides you access to your annual election on the first day that you become eligible to participate in the FSA Plan. You may withdraw more from the account than you have contributed, but never more than you elect. The Dependent Day Care FSA works like a bank account. You may only receive a reimbursement for as much as you have contributed at any time during the
How do I receive my Health FSA dollars?
You may request reimbursement for eligible expenses by submitting an FSA Claim Form and include receipts or Explanation of Benefits from your insurance provider or you may use the Health FSA Debit Card to pay for eligible expenses. If you choose to submit a claim for reimbursement, you will receive your payment deposited directly into your bank account of choice or you may receive a live check. To set up the Direct Deposit option, please visit the TaxSaver Plan website at www.taxsaverplan.com.
How does the Debit Card work?
- Works like a regular MasterCard and is linked directly to your FSA available balance for both Health Care FSA and Dependent Care FSA.
- Provides upfront reimbursement for eligible expenses. You never pay out-of-pocket.
- Sometimes, a receipt notification will be sent to your email address if we need more documentation after the card has been charged. Please follow the instructions in the email to ensure that your card will remain in good standing with the Plan. See more about True Up on the next page.
- The FSA Debit Card can be used for Health FSA expenses as well as Dependent Day Care FSA expenses.
- You will receive your cards in the mail within 2 weeks of your enrollment into the Health FSA program. You will receive 2 cards in the mail with different card numbers. You may call the TaxSaver CSR Department to request additional cards for family members, as needed.
Where can the Health FSA Debit Card be used?
The FSA Debit Card can be used at the physician’s office, hospital, Urgent Care center, dentist/orthodontist, vision provider, and pharmacy, AS LONG AS they have a proper Medical Merchant Category Code. The cards will also be accepted at your daycare provider if they accept credit cards.
How Does the FSA Debit Card Work at Pharmacies and other Retail Stores?
The IRS has standardized the use of the FSA Debit Card at pharmacies, both free-standing and those in the interior of a larger store. Your FSA Debit Card will only be accepted at free-standing and interior pharmacies if the Store has an IIAS (Inventory Information Approval System) in place. Stores that have an IIAS in place can identify FSA eligible items at the point of sale and do not require additional documentation after the card is charged. If your favorite pharmacy is not on the list, you may still purchase FSA eligible items at that retailer, but you will need to complete a claim form and submit the receipt for reimbursement.
What expenses are eligible under the Dependent Day Care FSA?
The Dependent Day Care FSA program works on a cash in, cash out basis (similar to a bank account) to pay for out of pocket expenses for the care of your children 12 and younger, a disabled spouse or dependent.
You and your spouse must be gainfully employed, actively looking for work or your spouse can be a full time student to qualify for this plan. Single parents are also eligible. There are special rules for divorced parents, so please review tax laws to be sure you qualify if you are divorced.
The maximum that a family can contribute during a calendar year is $5,000. This is a federal maximum that is not controlled by your employer or TaxSaver Plan.
Some eligible Dependent Day Care expenses:
- Daycare provided in or outside the home
- Summer Day camps (not overnight)
- After school care
- Private preschool, custodial in nature
How do I submit my receipts?
You may mail, fax, email or submit a claim online or use the TaxSaver Plan Mobile App.
You can log into your account via the TaxSaver Plan website at www.taxsaverplan.com. Click on EMPLOYEES and enter your username and password. You can also view your account balance on this page. Claims are reimbursed each week.
What concerns should I know about?
Your elections will remain in effect for the entire plan year and cannot be changed unless you have a qualifying event such as the birth of a child or a marriage. Once you sign up for the plan, the dollars that are deducted pre-tax will remain in the designated accounts until you file claims for reimbursement.
Apex allows up to $500.00 to rollover each year to the Health FSA. As long as you are an active employee in the new plan year, you do not have to do anything to receive the rollover.
All claims incurred in the prior plan year must be submitted to TaxSaver Plan by 3/31 of each year to avoid plan forfeitures.
What is True Up?
True Up is designed to reduce the number of receipt requests a FSA participant receives during the year and to keep the FSA Debit Card active all year long, while following IRS regulations.
You do not have to do anything to participate in True Up. If you are enrolled in your Employer’s Health Insurance Plan, you will automatically be enrolled in True Up.
After the claims run out period, TaxSaver will tally up all of your electronic claims data from the insurance carriers and compare it to any claims paid to you, both Debit Card and paper claims. As long as TaxSaver can verify that the out of pocket expenses, as reported by the insurance carrier, meet or exceed the total amount spent on the Debit Card, you will not be asked to submit any documents to verify your Debit Card expenses.
If the amount of out of pocket claims does not match or exceed the Debit Card transactions, TaxSaver will contact you to submit additional documentation to verify your transactions after the claims run out period ends.
If you typically use your FSA Debit Card to pay for eligible expenses for a Dependent NOT COVERED under your Employer’s insurance benefits, you may choose to submit the receipts for the Dependent’s expenses during the year to avoid receipt requests later in the year.
If you do wish to submit a claim to verify the FSA Debit Card transactions during the year, please submit your claims online or via the Mobile App to identify yourself as a True Up participant OR you may obtain the True Up Claim Form on TaxSaver’s website at www. taxsaverplan.com, under Helpful Forms.
Eligible FSA Expenses
Below is a partial list of permissible expenses reimbursable through a Flexible Spending Account (FSA) that are incurred by you, your spouse, or qualified dependents. Spouses and/or dependents do not have to be covered under the employee’s medical plan in order to qualify for FSA reimbursement for their eligible medical expenses. For a complete listing of eligible expenses please visit www.taxsaverplan.com.
- Blood pressure monitor
- Deductible and co-insurance
- Eye exams
- Flu shots
- Heating pad
- Laser eye surgery; LASIK
- Medical supplies to treat an injury or illness
- Nasal strips
- Physical therapy (as medical treatment)
- Reading glasses
- Smoking cessation programs
- X-ray fees
- Braces and orthodontic services
- Dental implants
- Dentures, adhesives
- Automobile equipment for a disabled person
- Braille books/magazines
- Note-taker for a hearing impaired child
- Special devices for a visually impaired person
- Wheelchair or autoette (cost of operating/maintaining)
- Seeing eye dog
Dependent Daycare Expenses
- Fees for licensed day care or adult care facilities
- Before and after school care programs
- Babysitters or nursery school
- Nanny expenses attributed to dependent care
- Nursery school (preschool) fees
- Summer Day Camp – primary purpose must be custodial care
- Late pick-up fees
Ineligible Medical Expenses
- Cosmetic surgery
- Dietary and fiber supplements
- Exercise equipment and fees
- Health club or athletic club membership fees
- Insurance premiums, all types
- Marriage counseling
- Sunglasses (non prescription) and sun clips
- Weight loss drugs/programs for general well being