TASC Healthcare Flexible Spending Account (FSAs)
In an FSA, employees may set aside on a pretax basis a pre-established amount of money per plan year. Medical Flexible Spending Account (FSA) annual contributions are capped at $3,300 per Plan Year, per employee. Consider the ‘Use it or Lose it Rule’ – It is important to be conservative in making elections because unused funds left in your account at the close of the Plan Year are not refundable to you. If expenses are not incurred prior to the end of the grace period March 15, 2026 and submitted by March 31, 2026, then the funds will be forfeited.
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TASC Healthcare FSA
An FSA can be used for medical expenses, dental care and vision care. The amount you decide to contribute to the account for the year is deducted from your salary before income taxes. This reduces your taxable income, saving you money on taxes.
Summary of Benefits
Understand how to determine your annual FSA elections
Healthcare Flexible Spending Account (FSA) annual contributions are capped at $3,300 per Plan Year (indexed for inflation), per employee, as set forth by the Patient Protection & Affordable Care Act (PPACA).
The following guidelines apply to this healthcare regulation:
- The limit applies only to employee salary reduction contributions to a Healthcare FSA. (Employer contributions are not included when calculating this limit.)
- Limit is for the Plan Year, per employee.
- Husband and wife can both elect the maximum in their respective Healthcare FSAs (even if working for the same employer).
- Employees changing jobs can elect up to the limit in their prior employer’s Healthcare FSA and up to the limit in their new employer’s Healthcare FSA as long as the employers are not related entities.
- Rehired employees and employees with a qualifying change in status mid-year are limited to the maximum for the entire Plan Year.
- Limit is indexed annually for cost of living adjustments.
Eligible Expenses
Healthcare-only FSA funds may only be used for eligible expenses under your Healthcare FSA. Some eligible expenses include:
- Medical care services
- Dental care services
- Vision care expenses
- Prescriptions
- Eligible OTC (over-the-counter) items
Consider the ‘Use it or Lose it Rule’
It is important to be conservative in making elections because unused funds left in your account at the close of the Plan Year are not refundable to you and are returned to your employer.
You are urged to take precautionary steps to avoid having left over funds in your account at year-end, such as tracking account balances via the following methods:
- TASC website (www.tasconline.com)
- TASC Mobile App – To download the TASC Mobile App, visit the Apple App Store and search for TASC App for iPhone or visit Google Play Store and search for TASC App for Android.
- Interactive Voice Response (IVR) phone system (608-241-1900 or 800-422-4661)
Note: Active FSA Participants can spend their available funds through March 15 of the following year and may submit requests for reimbursement until March 31 of the following year.
FSA Calculator
Need help calculating your FSA savings and how much to contribute?
Use our handy FSA Savings Calculator under Resources on our website at: www.tasconline.com/tasc-calculators/