FSA
What does FSA stand for?
Flexible Spending Account
What does DCA stand for?
Dependent Care (Daycare) Account.
What does HSA stand for?
Health Savings Account
What does HRA stand for?
Health Reimbursement Account
What does LPFSA stand for?
Limited Purpose Flexible Spending Account
What does TRN stand for?
Transit
What does PKG stand for?
Parking
What types of expenses can you use the FSA for?
You may use it for Medical, Dental, Vision, Rx, Over the counter (OTC), and menstrual products.
Can a ppt submit medical expenses toward the DCA?
No. These funds are used for daycare expenses or elder care, not medical expenses.
Is the HSA pre-funded?
No. The HSA is not pre-funded.
Can the ppt put money in their HRA?
No. HRA does not permit employee contributions. They are 100% employer funded.
What type of expenses can a ppt submit for reimbursement for an LPFSA?
Only Dental and Vision expenses.
What expenses can you submit to the TRN account?
A ppt can submit bus and train towards the TRN account. It must be mass transportation to and from work.
Can a ppt use these funds to park at the mall?
No. These funds are for parking at work.
Is the FSA pre-funded?
Yes. At the start of the plan year, the ppt will have all the funds they elected in their account. They will 'pay back the plan' with their payroll deductions throughout the year.
Who is a Qualified Dependent for the DCA?
A child under age 13 in your custody whom you claim as a dependent on your tax return.
•A spouse who is incapable of self-care.
•A dependent who lives with you such as a child over age 13, parent, sibling, or in-law-who is incapable of self-care, and whom you claim as a dependent on your tax return.
Is the HSA portable?
Yes. You may continue to use it even after the ppt leaves the employer.
What types of expenses can you submit to the HRA?
It depends on the client. Always check the TipSheet.
Is the LPFSA pre-funded?
Yes. At the start of the plan year, the ppt will have all the funds they elected in their account. They will 'pay back the plan' with their payroll deductions throughout the year.
If a ppt does not have enough funds in their TRN account, can they use funds from their PKG to pay for their TRN account?
No. You cannot use the PKG account toward the TRN account. They are two separate accounts meant for different expenses.
Can a ppt spouse use the card for his PKG expense?
No. It is only for the ppt to use.
When can elections be changed for an FSA?
During Annual Enrollment or a Life Event.
When can elections be changed for a DCA?
During Annual Enrollment or a Life Event.
When can elections be changed for an HSA?
Anytime throughout the year. Check the TipSheet for Payroll timing.
When can elections be changed for an HRA?
They can't. The HRA is company funded.
When can elections be changed for an LPFSA?
During Annual Enrollment or Life Event.
When can elections be changed for a TRN account?
Anytime throughout the year. Check the TipSheet for Payroll timing.
When can elections be changed for a PKG account?
Anytime throughout the year. Check the TipSheet for Payroll timing.