Important FSA Information
FREQUENTLY ASKED QUESTIONS
How do I check my account balance?
You can check your real-time balance online by logging into MyAmeriflex or through the MyAmeriflex Mobile App. Ameriflex also provides 24/7 access to automated account information via telephone. Call 888.868.FLEX (3539) and follow the prompts to listen to balance and transaction information for your account.
How do I order a new card?
You can request a free replacement card online through your Ameriflex account or through the MyAmeriflex Mobile App.
What happens if I don’t use my FSA account balance by the end the year?
By law, employers are not allowed to return leftover money to participants. Furthermore, funds are forfeited if you leave your employer.
Can I have an FSA and an HSA?
You can’t contribute to an FSA and HSA within the same plan year. However, you can contribute to an HSA and a limited purpose FSA, which only covers dental and vision expenses.
How do these programs save me money on taxes?
Since the accounts are tax-advantaged, you get to leverage pre-tax payroll deductions — increasing your take-home pay and saving you money on everyday expenses. In many cases, you can experience savings of up to 40% on expenses eligible under your employer-sponsored plan.
Can I change my annual election amount?
FSA elections are irrevocable and cannot be changed during the period of coverage unless there is a permitted change in election event, such as a change in marital status, birth or adoption of a child, change in an employment status, etc. The event and contribution change must coincide.
How can I change my reimbursement setting to add direct deposit?
To set up direct deposit, simply login to MyAmeriflex, select reimbursement settings under the my account tab, then enter your banking information. We also offer a paper direct deposit form that can be mailed, faxed, or emailed to Ameriflex.
Will pre-taxing have an impact on Social Security benefits?
Reductions in your taxable pay may lead to a reduction in Social Security benefits; however, for most employees, the reduction in Social Security benefits is insignificant when compared to the value of paying lower taxes now.
Tax Credits vs. Dependent Care Spending Accounts
If you participate in a Dependent Care Spending Account, you cannot claim credits on your income tax return for the same expenses. Also, any amount reimbursed under this plan will reduce the amount of other dependent care expenses that you can claim for purposes of tax credits. Before you enroll in a Dependent Day Care Account, evaluate whether the federal income tax credit or the Dependent Care Spending Account is best for you.
ONE-TIME CLAIM FOR DEPENDENT CARE SERVICES
Ameriflex makes it easy to get reimbursed automatically from your account as your funds build up during the year. If you’re paying for childcare or elderly care each month, you can avoid submitting a manual claim every month to get reimbursed for expenses you paid out of pocket. All you have to do is submit one Claim Form for the entire year that shows the date range for which childcare/eldercare services will be provided, along with a signature from the service provider on the designated line of the form. As long as the form is signed by the provider, no receipt is needed. Once the recurring claim has been processed, Ameriflex will automatically reimburse you every month with a check or direct deposit as funds in your Dependent Care Account become available.
MODIFICATION TO HEALTH FSA “USE IT OR LOSE IT” RULE
- FSA plan participants should note that up to $500 of any unused funds from the current plan year will be rolled over into your FSA balance for the new plan year.
- The rollover modification applies to Health FSA plans only (and not to other types of FSA plans such as dependent care).
- The rollover does not affect the maximum contribution amount for the new plan year. In other words, even if you roll over the entire $500 from the previous plan year, you may still elect up to the maximum contribution limit allowed under your employer’s plan.
For more information, please visit myameriflex.com or contact Ameriflex by calling 888.868.FLEX (3539).