Note: Standard text messaging rates from your wireless service provider may apply.
Flexible Spending Accounts (FSAs) are governed by Internal Revenue Code (IRC) Section 125. These accounts allow you to have pre-tax payroll deductions for certain medical and dependent care expenses. Section 125 also permits your insurance premiums to be taken on a pre-tax basis. This provides up to 40% tax savings to you depending on your tax bracket.
Here are some FSA basics as defined in IRC Section 125.
A Medical FSA allows you to set aside funds on a tax-free basis to pay for eligible medical services provided to you, your spouse and your dependents. Some eligible expenses may include:
What are the limits for a Medical FSA?
The maximum limit that an employee can contribute to a Medical FSA on a tax-free basis is set by the IRS. To view the most up-to-date annual contribution limits established by the IRS for Medical FSAs, please visit our Plan Limits page. Your employer may establish a lower plan limit. Please review your Plan Highlights on BRIWEB for your specific limit.
When are funds available?
You will have access to your full annual Medical FSA election on the first day of the coverage period.
Can I change my election?
Generally, you are not able to change your FSA election once a plan year has started. There are certain life status changes that may permit changes, such as: marriage, divorce, and birth of a child. Learn more about qualifying events.
A Dependent Care FSA allows an employee to set aside funds from payroll to pay for certain dependent care expenses. These expenses must be for a dependent child under the age of 13 or a spouse or other dependent adult who is incapable of self-care.
What are the limits for a Dependent Care FSA?
The federal government sets the amount that can be contributed per calendar year to a Dependent Care FSA. The current rate is limited to the smallest of the following amounts:
What expenses are eligible?
In order to qualify, the care must be necessary to enable you and, if married, your spouse to work, look for work or attend school full-time. Some eligible expenses include:
You have enrolled, now what? The specifics for your plan may vary, but here is a quick reference on what to expect and tips for using your FSA.
Still need to enroll? Please contact your employer benefits representative to determine how and when enrollment will be available. Online enrollment may be an option for your plan.
Shop today for eligible medical items and save $10 off your first order with promo code benrfsa.
Learn how easy it is to check your balance with BRIWEB, BRIMOBILE, BRI ALERTS, and QuickBalance.
Receive a receipt request? Here’s how to submit proof that the expense you paid for is eligible.
Access our FSA forms to submit claims, enroll or change your election, provide proof of medical necessity, and more.
Get instant access to your account(s) on-the-go. Our app is available on the App Store & Google Play.
Receive real-time alerts about their accounts via text or email by signing up on BRIWEB or BRIMOBILE.
As we navigate the intricate world of employee benefits it 8217 s crucial to ensure that we 8217 re taking full advantage of the offerings...
Pre tax benefits are a powerful tool for saving money and maximizing your income From flexible spending accounts FSAs to health savings accounts HSAs and...
Navigating the world of pre tax benefits can sometimes feel like deciphering a complex code With terms like 8220 substantiation 8221 and 8220 HRA 8221...
Congratulations on enrolling in a Flexible Spending Account FSA The key to a smooth reimbursement process lies in understanding the crucial elements of proper expense...
Flexible Spending Accounts FSAs offer employees a valuable opportunity to save money on eligible medical and dependent care expenses However navigating the ins and outs...
Organizations are continuously looking for strategies to draw in and keep top talent in the highly competitive employment market of today An excellent benefits package...
Blue Monday often dubbed as the gloomiest day of the year casts a shadow over the workplace affecting employee morale and mental health As businesses...
Acupuncture Dog food Motion sickness wristbands What do these three items have in common They re all eligible medical expenses under your health accounts We...
After much consideration you ve made the wise decision to enroll in a pre tax benefit plan As a new plan participant you will experience...
245 Kenneth Drive
Rochester NY 14623-4277
EMPLOYEES: (800) 473-9595
EMPLOYERS: (866) 996-5200
Benefit Resource and BRI are tradenames of Benefit Resource, LLC. Benefit Resource, LLC is an affiliate of Inspira Financial Health, Inc. and Inspira Financial Trust, LLC. Benefit Resource, LLC does not provide legal, tax or financial advice. Please contact a professional for advice on eligibility, tax treatment and other restrictions. Inspira and Inspira Financial are trademarks of Inspira Financial Trust, LLC.
The Beniversal and eTRAC Prepaid Mastercards are issued by The Bancorp Bank, N.A., Member FDIC, pursuant to a license by Mastercard International Incorporated and may be used for eligible expenses everywhere Mastercard is accepted. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
HSA Custodial Services are provided by a separate financial institution. See your HSA Account Agreement for specific account terms.
©2024 BRI | Benefit Resource All Rights Reserved.
Privacy Policy|Terms of Use|Accessibility|Website developed by Mason Digital
We would love to chat with you about your current benefits offerings and best practices that may save you and your employees even more.
Submit Your RFP NowSearch through our interactive database of videos, flyers, tutorials, and other tools to help maximize your BRI experience.
View All ResourcesBRI combines expertise and excellence to provide premier ongoing support to employers and participants, backed by experts and technology you can trust.
BRI is consistently listed in the Rochester Top 100 Companies! We offer growth opportunities and competitive benefits. Join a great place to work!
© 2024 BRI | Benefit Resource