Flexible Spending Account Annual Enrollment
Annual open enrollment for the Insperity Health Care Flexible Spending Account Plan (Health Care FSA) will be held from Nov. 1 to Dec. 31, 2017.
To continue participation in the Health Care FSA each year, employees must submit a new election during this annual open enrollment period. To make a Health Care FSA election for 2018, eligible participants can enroll online on Insperity Premier™ from Nov. 1 to Dec. 31, 2017. Log in to portal.insperity.com and visit the Benefits section to get started. Paper enrollment forms can also be requested by contacting Insperity at 866-715-3552
Annual contribution limit increase for 2018
The annual contribution limit for the Insperity Health Care Flexible Spending Account Plan will increase from $2,500 to $2,600 for an individual as of Jan. 1, 2018. If both spouses have an FSA through their respective employers, they could each elect the maximum for $5,200 per household. Eligible participants may elect from $20 to $216.67 per month in pretax contributions, up to the annual limit. Some plans also allow changes to contributions to be made if the account holder experiences a Qualifying Life Event, such as marriage, divorce, or birth of child.
Enroll by Nov. 30 for active cards on Jan. 1.
- If participants enroll by Nov. 30, their Health Care Flexible Spending Account will be active, and funds available on their Health Care Spending Card (a debit MasterCard® issued by UnitedHealthcare) Jan. 1, 2018.
- If participants enroll after Nov. 30 (through the Dec. 31 deadline), their Health Care Flexible Spending Account will be effective Jan. 1, 2018, however, their Health Care Spending Card may not arrive or be active until later in January. If eligible expenses are incurred before the card is active, a claim may be filed for reimbursement.
“Use it or Lose It” Rules Apply
Health Care FSA Plan coverage amounts are subject to IRS “use it or lose it” rules. This means that any Health Care FSA Plan contributions not used for eligible health care expenses incurred during the plan year are forfeited by the employee. Any forfeited contributions remain in the Insperity Health Care FSA Plan. Participants should carefully estimate their health care expenses for the entire year in which they enroll. UnitedHealthcare, claims administrator of Insperity’s Health Care FSA Plan, offers a convenient online calculator to help determine potential savings at myuhc.com.
Fast Facts about FSAs
You can use funds in your FSA to pay for certain medical and dental expenses for you, your spouse if you’re married, and your dependents.
- You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums.
- You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor’s prescription. Reimbursements for insulin are allowed without a prescription.
- FSAs may also be used to cover costs of medical equipment like crutches, supplies like bandages, and diagnostic devices like blood sugar test kits.
Insperity is here to help
Please note that the annual open enrollment period for the Insperity Health Care FSA is different than our company’s scheduled annual open enrollment period for the Inspeirty Group Health Plan. If you have questions, please contact Insperity at 866-715-3552 or email them directly at firstname.lastname@example.org.