The Health Care Flexible Spending Account (HCFSA) Program helps you pay for medical expenses (not covered by insurance) and dental, vision, and hearing expenses (not covered by the Welfare Fund) with federal and Social Security (FICA) tax-free dollars.
Under HCFSA, you must participate for the entire Plan Year.
How the Plan Works
- First, pre-tax contributions are made to your HCFSA account through automatic payroll deductions.
- Next, you submit a claim on a Claims Form along with documentation for any uninsured eligible health care expenses you incur.
- Finally, you receive reimbursement from your HCFSA. When you are reimbursed from your account, you receive that money free of federal and FICA taxes.
By enrolling in HCFSA, you not only plan for anticipated health care expenses, but also reduce your gross salary for federal and Social Security tax purposes. The end result is that you save on taxes.
Learn more about taxes from the Office of Payroll Administration
Calculate your savings with HCFSA
Period of Coverage
For the Plan Year 2015, the period of coverage for the HCFSA Program is from January 1, 2015 through December 31, 2015.
For the Plan Year 2014, the period of coverage for the HCFSA Program is from January 1, 2014 through December 31, 2014.
See the Flexible Spending FAQ