Participating in the Flexible Spending Account (FSA) through Bulloch County School System allows employees to save money for qualified medical expenses as well as legal dependent care on a pre-tax basis.
We recommend prior to making an election, you consider and derive a conservative estimate of how much you spend on healthcare and/or dependent care expenses for you and your qualified dependents in one year. For example, you may want to consider your estimated cost for prescription drugs, medical and dental office visit co-pays and/or deductibles, as well as vision related needs including exams and prescription glasses/lenses.
Most FSA’s require you use the funds you contribute within the plan year or you lose them. Please review the plan documents for more details on the maximum contributions you can make toward the healthcare and/or dependent care Flexible Spending Account.
Unreimbursed Medical Expense (URM) Account: You may set aside up to $2,750 in pre-tax dollars to be used to pay for qualified medical expenses that may not be covered under your major medical plan. The services must be incurred during the FSA plan year and be qualified eligible expenses under the plan. Expenses must be incurred before reimbursement can be made. If medical expenses or supplies are covered under your major medical plan, your claims must be submitted under your major medical plan and an Explanation of Benefits (EOB) obtained from the carrier. Receipts are necessary to file for reimbursement.
Take a glance at Medical eligible expenses.
Dependent Care (DDC) Account: Reimbursements for child and dependent care cannot exceed $5,000 per year for single tax filers and if filing jointly, or married filing separate is $2,500, or the earned income of you and your spouse is less. Your dependent child must be 12 years of age and under and must reside with you. Your child or dependent over the age of 12 must be incapable of self-support and must spend 8 or more hours per day in your home. The individual caring for your child (age 12 and under) or other dependent must not be a tax dependent for you. The child (age 12 and under) or other dependent must require care so that you can work. To be deducted from your account, the caregiver expense must be incurred during the plan year. An adult dependent must be unable to care for him or herself without assistance. Generally, use for the DDC account eliminates your childcare deduction on your state and federal income tax. You are required to disclose who provided the care for you dependent child or adult dependent on your federal income tax return. We recommend you consult with your personal tax adviser.
Take a glance at Dependent Care eligible expenses.
Please note:
- The plan year runs from January 1, 2021 until December 31, 2021.
- Once you enroll and elect your FSA amount, you cannot make changes unless there is a family status change.
- Any balance, in excess of $500, remaining in your URM account at the end of the plan year will be lost if not used. Up to $500 will roll over to the following year.
- Any balance remaining in your DDC account at the end of the plan year will be lost if not used.
- You can make changes throughout the year if you have a change in daycare providers or no longer need the services.
- You cannot transfer funds between the two accounts. It is prohibited.
- Any claims incurred during the plan year must be filed for by March 31 each year or you will not be able to claim them.
- You must make a new FSA election each year at Open Enrollment for the benefits the following plan year. ( This benefit does not continue automatically)
Benefits on the Go!
Medcom Mobile offers fast and easy account access from anywhere at any time! Medcom Benefit Solutions offers fast and easy account access from anywhere at any time. The Medcom mobile app makes it easy for FlexSystem Participants to access their accounts from their mobile device. Users appreciate these flexible wireless options to securely manage their accounts and request reimbursements while on the go. These mobile features (and much more) are all-inclusive when FlexSystem is part of an employee benefits program!
Additional Management Tools
In addition to Medcom Mobile, we provide multiple methods for participant/employee account access and management:
- Medcom Website www.medcombenefits.com
- Medcom Portal https://medcom.wealthcareportal.com
- Toll-Free Customer Care Center (Monday-Friday) 800-523-7542
- Email Requests for Reimbursement: medcomreceipts@medcombenefits.com
Plan Documents/ Resources
Healthcare Reimbursement Form
Dependent Care Reimbursement Form
Orthodontia Payment Guidelines
Over the Counter Healthcare Purchases