You must re-enroll for the account(s) each year.įSA MASTERCARD DEBIT CARD FROM TASC The card has many benefits During New Hire Enrollment or Open Enrollment.Pay at point of service - You will automatically receive a MasterCard debit card to have the convenience of paying right at the doctor’s office or pharmacy.Since the account is fully funded upfront, you can immediately begin to use the funds at the start of the plan year (or, for new hires, when your plan goes into effect) to pay for eligible medical expenses such as deductibles, doctor visits, prescription drugs, glasses and more.Your pre-tax payroll contributions are deposited to the FSA throughout the year, saving money on taxes.The full amount you choose for the year is deposited into your FSA account upfront.Funds do not carry over and are lost if not used. Use it or Lose It - The funds you set aside in a year can only be used for qualified expenses incurred during the calendar year 1/1 - 12/31.Consider Your Deductible - You can use the funds to pay for all or part of a deductible, up to the annual contribution limit shown above. You’ll have your deductible budgeted for the year at a tax-free rate.Estimate your costs with this calculator.You determine how much you want to set aside pre-tax for medical, dental and vision expenses up to the IRS limit for that year. Looking for Health Savings Account (HSA) information? Find it here.
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