Flexible Spending Account
A Flexible Spending Account (FSA) is a special account you put money into that you use to pay for certain out-of-pocket health care and dependent care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside.
Flexible Spending Account
A Flexible Spending Account (FSA) is a special account you put money into that you use to pay for certain out-of-pocket health care and dependent care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside.
Flexible Spending Account
A Flexible Spending Account (FSA) is a special account you put money into that you use to pay for certain out-of-pocket health care and dependent care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside.
Watch this video to learn more about the Flexible Spending Account
Flexible Spending Account Highlights
Helping You Save
Mercy Housing has partnered with Inspira Financial to offer you the opportunity to use a Flexible Spending Account (FSA).
FSA Basics
- Funds in your FSA can be used for eligible health care or dependent care expenses.
- The money deducted from your paycheck for the FSA is taken out before taxes are applied.
- You may not make any changes to your elections during the plan year, unless you experience a Qualifying Life Event (QLE).
- FSA accounts are "Use it or Lose it". See details below.
Using your FSA
- First, make your FSA elections when enrolling through UKG.
- Then, pay for eligible health care or dependent care expenses out-of-pocket.
- Finally, submit an FSA claims form to receive your reimbursement.
All Mercy Housing employees are eligible to sign up for Commuter Benefits with Inspira Financial. The benefit may look similar to your Flexible Spending Accounts (FSA) for Health and Dependent Care accounts. Once your funds are available, it’s easy to pay for your eligible expenses up to the IRS monthly limit. You can change your election amount during any month within the plan year by creating a Life Event in Manage My Benefits in UKG.
Transportation Account
Purchase passes or vouchers to cover the costs of traveling to and from work. Eligible expenses may include mass transit costs, such as those for:
- Bus and commuter highway vehicles, including vanpools
- Mass transit vehicles
- Metro and transit passes, token fare cards, vouchers and similar items for transportation by bus, train, subway, and ferry
Parking Account
You can use funds to pay for eligible work-related parking expenses. These include:
- Parking expenses at or near your worksite
- Parking expenses at a location where you commute to work, either by mass transit, qualifying commercial or noncommercial highway vehicle, or carpool
- Expenses for vendor parking, including lots and garages
Maximum Contribution
Health Care Flexible Spending Account
IRS Contribution Limit: $3,200
Sample Expenses: Medical, dental, vision, Rx copays, deductible & coinsurance, glasses, contacts, vision correction surgery
Dependent Care Flexible Spending Account
Single or Married Filing Separately: $3,750
Married Filing Jointly: $7,500
Sample Expenses: Daycare, after-school care, elder care
NOTES:
- Limits may vary for highly compensated employees.
- You can contribute the maximum monthly amount to both a transit and parking account.
Use It or Lose It!
Be sure to calculate your FSA contributions carefully. These funds do not roll over from year-to- year, and you must actively enroll on a yearly basis.
You must use all funds in your FSA by the end of Mercy Housing's grace period, which runs from January 1 to March 15, 2027. Any unused funds after this period will be forfeited, in accordance with IRS regulations.
Contact the provider of these benefits:
Inspira Financial - (800) 284-4885; (402) 231- 4310 (Claims Fax), inspirafinancial.com
ABOUT THIS GUIDE: Actual plan provisions for Mercy Housing (“the Company”) benefits are contained in the appropriate plan documents, including the Summary Plan Description (SPD) and incorporated benefit/carrier booklets. The Digital Benefits Hub is a summary only and does not describe each benefit option. This Digital Benefits Hub provides updates to your existing SPD as of the first day of plan year, which describes your health and welfare benefits in greater detail. Until the Company provides you with an updated SPD, this guide is intended to be a Summary of Material Modification (SMM) and should be retained with your records along with your SPD. As always, the official plan documents determine what benefits are available to you. If any discrepancy exists between this guide and the official documents, the official documents will prevail. The Company reserves the right to amend or terminate any of its plans or policies, make changes to the benefits, costs, and other provisions relative to benefits at any time with or without notice, subject to applicable law.