Health Care Flexible Spending Account (FSA) FAQs

If I enroll in the PPO, can I participate in a Health Care FSA?

You can participate in a regular Health Care FSA, which lets you set aside pre-tax money from your paycheck to cover eligible health care expenses. Those expenses include deductibles, coinsurance, copays, dental and vision expenses, prescription drug expenses and over-the-counter qualifying medical expenses not covered by another plan. You can find more information on eligible expenses in IRS Publication 502 or by calling 1-800-TAXFORM (1-800-829-3676).

Is the Health Care FSA easy to use?

Yes, DallasNews Corporation offers convenient payroll deduction that allows you to defer money from each paycheck into your Health Care FSA, which is managed at TaxSaver Plan. You contribute the money to this account each pay period before taxes are calculated on your earnings, which reduces the amount of your taxable income and increases your take-home pay.
In addition, you’ll automatically receive an FSA debit card. If you use it, you do not have to file a claim for reimbursement.

How much can I contribute to the Health Care FSA — and when is that money available to use?

For 2019, you can contribute up to $2,650 per year.  The total annual amount you choose to contribute is available immediately for use at the start of the plan year. But be sure to budget carefully — you’ll forfeit any money remaining in your account the end of the plan year.

Why does an FSA have to be “use it or lose it”?

Because FSAs are designated as tax-preferred, certain IRS guidelines must be met to maintain the preferred tax treatment. One of the rules is that any money remaining in your FSA beyond the designated plan year must be forfeited.
DallasNews Corporation’s FSA plan year begins on January 1 and ends on March 15 of the following year. This means that for 2019, you may make claims for expenses incurred as late as March 15, 2020, as long as they are submitted for reimbursement by April 30, 2020. Any amount remaining in your FSA after the submission deadline is forfeited.
Need to use the remaining funds fast? Eligible expenses include qualifying over-the-counter items such as bandages, sunscreen, lip balm, shoe insoles, hearing aid batteries, reading glasses and contact lens solution. Go to IRS Publication 502 to find out more.