Flexible Spending Accounts
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Flexible Spending Accounts
FSAs are a great way to save money. They allow you to set aside a certain amount from your paycheck before taxes are calculated, which reduces the amount you pay in taxes.
The Archdiocese of Portland offers two types of FSAs:
- Healthcare FSA — Helps pay for health care expenses for you and your family.
- Dependent Care FSA — Helps pay for dependent care expenses.
You can use the tax-free money in your account to pay for eligible healthcare or dependent care expenses.
Advantages of an FSA
| HEALTHCARE FSA | DEPENDENT CARE FSA | |
|---|---|---|
| Contributions | Contribute up to $3,200 per year* on a pre-tax basis, and your entire contribution is available at the beginning of the plan year. | Contribute up to $5,000 per year on a pre-tax basis ($2,500 if married and filing separate tax returns). Your funds are only available once they are deposited in your FSA. |
| Claims Deadline | Funds left in your account at the end of the plan year will be forfeited. You have until September 30, 2025 to submit claims for expenses incurred during the 2024 – 2025 plan year. | |
| How To Submit Claims | Save your receipts and submit a claim for any eligible expenses. This can be done online at www.RetaTrust.org or with a mail in form. | Save your receipts and submit a claim for any eligible expenses. This can be done online at www.RetaTrust.org or with a mail in form. |
| Election Required | Yes, every year. | |
|
Eligible Expenses (expense must be paid for by you) |
Eligible expenses include: • Deductibles for medical, dental and vision care • Copays and coinsurance for medical, dental and vision expenses • Your cost for glasses and contacts • Your cost for prescriptions • Over-the-counter medications • Feminine care products • For a complete list of eligible expenses, refer to IRS Publication 502 at www.irs.gov/publications/p502/index.html. |
Eligible expenses include: • Child day care • After school programs • Elder care • Day camps • Dependent care expenses so that you or your spouse can work, look for work or attend school full-time • For a complete list of eligible expenses, refer to IRS Publication 503 at www.irs.gov/publications/p503/index.html. |
| Changing Your Election | Once you make an election, you cannot change it unless you experience a qualifying event. | |