• Flexible Spending Account (FSA)

Fidelity

The Navigators FSA

A health care flexible spending account (FSA) through Fidelity is available to those who are enrolled in Medicare or other health insurance and are not eligible for the HSA.

An FSA allows you to use pre-tax dollars to pay for eligible medical, dental, vision and other health-related expenses.

See how an FSA is different from an HSA.

How the FSA Works

Click a topic below to learn more:

An FSA allows you to set aside a portion of your paycheck to pay for eligible health-related expenses that you already normally pay for each year. Because that portion of your income is not taxed, you pay less in federal income tax, Social Security tax and Medicare tax! Your state income taxes may also be reduced, depending on where you live.

  • Your maximum allowable contribution is determined each year by the IRS. For 2021, you can contribute up to $2,750.
  • The full amount of your annual contribution is available to you at the beginning of the plan year.
  • You must make your election during your initial enrollment or Open Enrollment, and you can’t change it throughout the year, unless you experience a qualifying life event.
  • Funds do not carry over from year to year; however, the IRS allows you to roll over $500 of your previous year’s election into the next year, without reducing the amount you can elect in that next year. You will lose any unspent amount above $500 at the end of the year.

You will need to re-elect the FSA every year during Open Enrollment to continue the benefit.

You may spend your FSA funds on eligible health-related expenses that your plan doesn’t cover, such as:

  • Medical plan deductibles, coinsurance and copays
  • Vision and dental services, including orthodontia and LASIK
  • Prescription drugs
  • Medical devices like crutches and prosthetics
  • Most over-the-counter medications, devices and supplies
  • Personal protective equipment (PPE) for the purpose of stopping the spread of viral infections like COVID-19
  • And more

For a complete and up-to-date list of eligible health-related expenses, see IRS Publication 502.

Once you are enrolled in the FSA through your benefit elections in Workday, Fidelity will send you a registration email with instructions on how to open and manage your account online.

Fidelity offers many convenient banking options to access your FSA funds:

  • You can use your Fidelity FSA Debit Card to pay for eligible health-related expenses at your doctor’s office, select drugstores and pharmacies (Fidelity will send you a debit card after you open your account).
  • Submit claims online for reimbursement at www.netbenefits.com (You will need to scan and upload your receipt, bill and Explanation of Benefits (EOB) if applicable).
  • You can use Fidelity BillPay to pay electronic bills with your FSA funds. Choose a one-time payment or automatic recurring payments to save you time—both options are free.

Whose Expenses Can Your FSA Cover?

You may use your FSA funds to pay for eligible health-related expenses for yourself, your spouse, your children under age 26 and dependents you claim on your tax return.

Fidelity

Plan # 23221

(800) 343-0860

www.netbenefits.com

There are an array of resources and plan documents available in our Document Library, so you can dive further into the details.

Questions on your benefits?

HR Benefits Department

benefits@navigators.org

(719) 594-2441

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