Administered by FlexibleBenefit Administrators (FBA)
Get reimbursed for out-of-pocket healthcare and child/aged adult daycare expenses with tax-free dollars.
Maximize your Income
Flexible Spending Accounts (FSAs) allow you to pay certain healthcare and dependent care expenses with pre-tax money. The key to the Flexible Benefit Plan is that your eligible expenses are paid for with tax-free dollars. You will not pay any federal, state, or social security taxes on funds placed in the plan. You will save approximately $27.65 to $37.65 on every $100 you place in the plan. The amount of your savings will depend on your federal tax bracket.
What types of FSAs are available?
- Health Care FSA
- Dependent Care FSA
Health Care FSA
With this account, you can pay for your out-of-pocket health care expenses for yourself, your spouse, and all of your tax dependents for healthcare services that are incurred during your plan year and while an active participant. You do not need to be enrolled in the LCS medical plan to enroll in the Health Care FSA.
Health Care FSA maximum annual election: $2,700. If LCS employs both you and your spouse, you may each set aside $2,700.
Participants in the Health Care Flexible Spending Account (FSA) can carry over $500 in unused funds to the following plan year.
The Health Care Account is a Pre-Funded Account
This means that you can submit a claim for medical expenses in excess of your account balance. You will be reimbursed for your total eligible expense up to your annual election. Your pre-funded funds will be recovered as deductions are deposited into your account throughout the Plan Year.
Examples of Eligible Health Care Expenses
- Acupuncture; prescription eyeglasses/reading glasses/contact lens and supplies; eye exams; laser eye surgery; physician; ambulance; psychiatrist; psychologist; anesthetist; hospital; chiropractor; laboratory/diagnostic; fertility treatments; surgery; dental/orthodontic fees; obstetrician; x-rays; eye exams; prescription drugs; artificial limbs & teeth; birth control pills/patches; orthopedic shoes/inserts; therapeutic care for drug & alcohol addiction; vaccinations & immunizations; mileage; take-home screening kits; diabetic supplies; routine physicals; oxygen; physical therapy; hearing aids & batteries; medical equipment
Over-the-counter expenses (examples of medications and drugs that may be purchased in reasonable quantities with a prescription):
- Antacids; pain relievers/aspirin; ointments & creams for joint pain; allergy & sinus medication; first aid creams; cough & cold medications; laxatives; anti-diarrhea medicine
Dependent Care FSA
The day care/aged adult care FSA allows you to pay for your qualified dependent/child with pre-tax dollars for daycare expenses. Eligible day care/aged adult care expenses are those you must pay for the care of an eligible dependent so that you and your spouse can work. Eligible dependents are further defined as:
- Under age 13
- Physically or mentally unable to care for themselves such as:
- Disabled spouse
- Children who became disabled before age 19
- Elderly parents that live with you
Dependent Care FSA maximum annual election: $5,000 for single or married filing jointly and $2,500 for married filing separately.
Eligible Day Care/Aged Adult Expenses:
- Au pair; nannies; before & after care; day camps; babysitters; daycare for an elderly dependent; daycare for a disabled dependent; nursery school; private pre schools; sick child center; licensed day care centers
- Overnight camps; babysitting for social events; tuition expenses including kindergarten; food expenses (if separate from dependent care expenses); care provided by children under 19 (or by anyone you claim as a dependent); days you spouse doesn’t work (though you may still have to pay the provider); kindergarten expenses are ineligible as an expense because it is primarily educational, regardless if it is half or full day, private, public, state-mandated or voluntary; transportation, books, clothing, food, entertainment and registration fees are ineligible if these expenses are shown separately on your bill; expenses incurred while on leave of absence or vacation
Flexible Spending Card
The Flex Benefit card will only be issued if employees are new to the program or if your current card will be expiring.
How the Flexible Benefit Plan Works
|Without FSA||With FSA|
|Gross Monthly Income||$2,500.00||$2,500.00|
|Eligible Pre-Tax employer medical insurance||$0.00||$200.00|
|Eligible Pre-Tax medical expenses||$0.00||$60.00|
|Eligible Pre-Tax dependent child care expenses||$0.00||$60.00|
|Federal Tax (15%)||$375.00||$291.00|
|State Tax (5.75%)||$125.00||$97.00|
|FICA Tax (7.65%)||$191.25||$148.41|
|After-Tax employer medical insurance||$200.00||$0.00|
|After-Tax medical expenses||$60.00||$0.00|
|After-Tax dependent child care expenses||$300.00||$0.00|
|Monthly Spendable Income||$1,248.75||$1,403.59|
By taking advantage of the Flexible Benefit Plan this employee was able to increase his/her spendable income by $154.84 every month! This means an annual tax savings of $1,858.08.
Who is Eligible to Enroll?
You are eligible if you are contracted at least 30 hours per week.
What is the Process for Enrollment and Claims Submission?
To participate, you must enroll within 31 days of your contract start date, within 31 days of a qualifying event, or during Open Enrollment. You must re-enroll each year during the Open Enrollment period. You determine how much money you want to contribute to the account(s) for the calendar year. That amount is taken out of your paycheck in equal installments and placed in the account(s) you elect. You are then reimbursed for eligible expenses after submitting a claim form and/or required documentation.
Plan carefully! Unused funds will be forfeited back to your employer as governed by the IRS’s “use-it-or-lose-it” rule. Your employer has elected to add the $500 roll-over provision to the Health Care FSA. After the 90-day period and the $500 carryover of unused Health Care FSA funds, any money left in your FSA account will be forfeited and cannot be returned to you. Claims must be incurred (i.e., services received) during your enrollment period and before the end of the calendar year.
How do I create a user account?
- Get started by visiting https://fba.wealthcareportal.com/ and click the Register button in the top-right corner of the homepage.
- You will be directed to the registration page.
- Follow the prompts to create your account.
Employee ID (Your SSN, no spaces/dashes)
Employer ID (FBALCSN)
Your Benefits Card Number
Please contact FBA at (800) 437-3539.
Plan Administrator Contact Information
FlexibleBenefit Administrators (FBA)
P.O. Box 8188
Virginia Beach, VA 23450