Flexible Spending Accounts—a Great Way to Set Aside Money for Certain Expenses

There are two types of FSAs:
1. Healthcare: For eligible medical, dental, and vision expenses, such as plan deductibles, copays, and coinsurance.
2. Dependent care: For eligible dependent care expenses, such as daycare for a child.

With an FSA, you:

  • Save on taxes: You can automatically deposit funds from your paycheck pre-tax into your FSA.
  • Pay for eligible expenses: These may include medical, dental, and vision care costs, copays, coinsurance, prescriptions, and some over-the-counter medications.

Paying for eligible expenses is simple

  • Use your healthcare payment card like you would a debit card to pay for qualified out-of-pocket medical costs.
  • Or pay with your own credit card, cash, or check. Then sign in at SIMON and file the claim for reimbursement by check or direct deposit.

Tip: To manage your FSA online, sign in at SIMON

Great news! All BHT members can take advantage of the tax-savings associated with a Flexible Spending Account. Our Administrator, Vimly, provides FSAs as an additional service. Contact bht@vimly.com.

 

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