Employees must be .5 full time equivalency or greater to be eligible for these plans.
Flexible Spending Account (FSA)
An FSA allows an employee to set aside pre-tax dollars on a plan year (7/1 - 6/30) basis to cover out-of-pocket expenses for health care or dependent care expenses. These funds are subject to a use-or-lose provision so it is important to carefully plan for the amount to be set aside.
Hood offers three types of FSAs:
- Health Care FSA
- Dependent Care FSA
- Limited Purpose FSA
- The LPFSA can be elected only with a HDHP health plan election and cannot be used to pay medical expenses, only dental/vision)
Important Information Regarding FSAs
- Everything you need to know about your UMR FSA
- Important information regarding your flex account
- Know your eligible & ineligible expenses
- Frequently asked questions about the UMR FSA Debit Card
- Debit Card Basics podcast
- UMR flexible spending account direct deposit authorization form
Important Information Regarding the Use It or Lose It Provisions of FSAs