What you need to know
Flexible Spending Accounts give you a tax-advantaged way to pay for the current year’s health care expenses using a debit card. Contributing is easy, and reimbursements are quick and convenient.
The Health Care FSA saves you money because you can pay for eligible health care expenses for you and your eligible dependents with pretax dollars.
You can use the Health Care FSA to help pay for:
- Doctor visits and prescriptions
- Dental care, like fillings and braces
- Vision care, like glasses and contacts
Even if you are not enrolled in a BAE Systems medical plan, you are still eligible for the Health Care FSA.
Enrolling
To participate in an FSA, you must submit your contribution elections when you enroll in your benefits each year. When setting your FSA contribution amount, consider how much you’ll need to cover your eligible out-of-pocket expenses during the year.
Understanding the costs you’ll incur each year is important, since any funds you save in an FSA must be used in that year or be forfeited. Your FSA contributions also reduce your taxable income, as they are deducted from your paycheck before federal, state, local, and Social Security taxes are withheld.
Using your FSA
When you have a health care expense, you can either pay with the Smart-Choice debit card or pay out of pocket and then submit a claim for reimbursement.
You must use all the money in your account before the end of the calendar year, or you will forfeit it. You must use your FSA funds by December 31, but you have until April 30 of the following year to submit your receipts. For example, 2023 expenses must be submitted by April 30, 2024, and 2024 expenses must be submitted by April 30, 2025.
Manage your account online through Smart-Choice Accounts, a website you access through BenefitsNavigator that lets you check your balance, submit a claim for reimbursement, check claim reimbursement status, etc., online at any time.