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We know that you work hard for your money, and it's important that you keep as much of it as possible a flexible spending account or an FSA is an IRS approved tax-exempt program that helps you do just that FSA's allow participants to withhold pre-tax dollars from their paychecks to pay for qualified non-reimbursable medical and dependent care expenses they essentially help you better prepare for and manage unavoidable out-of-pocket costs while reducing your taxes participation is easy you have the option to enroll in a medical or health care FSA a dependent care FSA or both during your company's open enrollment you simply decide how much to contribute to which accounts and contributions are conveniently made through payroll deduction on a pre-tax basis health care FSA's are used for reimbursement of eligible medical dental and vision expenses these cover an extensive range of out-of-pocket costs that include deductibles orthodontics eyeglasses and co-pays for both medical visits and prescriptions dependent care FSA's offer reimbursement of daycare expenses for children under 13 or for dependents physically or mentally unable to care for themselves FSA's can save employees 25 to 50 cents on every dollar they spend for example Lisa Adams 26 and single and has learned very quickly that even with medical and dental insurance she still has significant out-of-pocket medical expenses in a plan year Lisa spent $75 on co-pays for doctor visits $100 for an optician visit plus 235 on new glasses $400 on a root canal and $30 on a prescription copay her total eligible health care FSA expenses equal eight hundred and forty dollars Lisa falls into a twenty-eight percent tax rate so by paying for these expenses pre-tax she was able to save two hundred and thirty-five dollars like Lisa you can save with your FSA anytime during the plan year sentinel's been debit card makes it fast and convenient to access the balance you have in your FSA the Benny card is smart enough to recognize which transactions are eligible expenses and automatically deduct these costs from your FSA while tracking them by account type just swipe and go it's that easy if you do not have a Benny card or are unable to use it for a particular purchase you may request reimbursement by using sentinels online portal simply enter your claim online attach your scan receipts and submit for more information on your FSA plan speak to your benefits or HR professional today
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