What Is a Healthcare Flexible Spending Account (FSA)?
An account which you may set aside pre-tax dollars to pay for out-of-pocket healthcare expenses. The healthcare account may be used for non-reimbursed medical, dental, and vision expenses such as copayments, prescriptions, etc. Krapf also offers a Limited Purpose Health Care FSA. This account should be elected instead of the standard Health Care FSA if you enroll in the HDHP HSA. This account may only be used to pay for eligible dental and vision expenses with pre-tax dollars incurred by you or your family members that are not reimbursed by any other source. The full FSA election amount is available as of the FSA effective date.
What Is a Dependent Care Account?
The dependent care account may be used for eligible childcare or elder care expenses.
How Do These Spending Accounts Work?
The amount you elect is deducted from your paycheck and stored in your account until you need it. You can request reimbursement by using your debit card at the time of purchase, filing your claims online, or submitting paper claims along with your receipts to Clarity Benefit Solutions. A check will be sent to you for expenses you have incurred and paid out-of-pocket.