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Flexible Spending Account (FSA)

TAX-FREE MONEY FOR YOUR FAMILY’S HEALTHCARE NEEDS

Flexible Spending Accounts enable consumers to budget for qualified expenses and contain cost through tax savings.

FSA Administration

At CPI, we work hard to achieve stress-free FSA administration for our clients and their employees while utilizing substantiation procedures that ensure plan compliance. Health FSAs, Dependent Care FSAs and debit card technology are fully integrated in one comprehensive platform for streamlined management. Our program also offers access through separate employer and employee portals.

Employers can view plans, access resources, review employee data, and manage reports, while the employee portal allows for online claim submissions as well as access to reimbursement history and FSA balances. Our modern, cloud-based setup allows for secure, reliable access for all parties. Please review our FSA Administration services below.

MYCPI app allows employees to submit claims, view balances, and more easy claim submission (online, fax, or by mail).

FSA ADMINISTRATION SERVICES:

Flexible options:
90-day run out
$570/year rollover (can change annually)
2 1/2 month grace period extension
Preparation of Plan Document
Summary Plan Description (SPD)
Employee enrollment materials
Debit card option
Receive, adjudicate, & process all claims
Weekly participant reimbursement processing
Secure online platform with access to real-time data for both the employer and participants
Maintenance of claim records and reimbursements
Non-discrimination testing (upon request)

FSA PARTICIPATION IS INCREASING!

Our comprehensive platform will provide streamlined plan management for employers and participants.

Participation in Flexible Spending Accounts is on the rise due to recent regulatory changes allowing the opportunity to carry over unused funds. Increased participation will result in increased tax savings to employers and employees.

FAQs

What happens if I don't spend all of the money? Where does it go?

IRS Regulations requrie that unused amounts be forfetied. The funds are returned to the employer and are typically used to offset costs of administering the Plan. It is impermissible for the employer to return the funds to participants.
Is there a listing of all of the eligible health care expenses?

Eligible health care expenses are based on the interpretation of Section 213 (d) of the IRS code. As such, you will never find an all-inclusive, definitive listing of eligible expenses. The IRS defines eligible expenses as, "Amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, and for treatments affecting any part or function of the body. The medical care expenses must be primarily to alleviate or prevent a physical or mental defect or illness.”

For more information, you can visit the IRS website, www.irs.gov. For a partial listing of eligible expenses, you can go to www.my-healthshopper.com
May I use my Health Care FSA to reimburse my spouse's medical expenses, even if he/she is enrolled in a different health insurance plan?

Yes, you can use the funds to reimburse eligible expenses for any qualified tax dependent of yours, even if not covered by your employer’s health plan.
Can I use my Health Care FSA to reimburse outstanding medical expenses from the prior year?

No, expenses must be incurred during the current plan year. The only exception to this rule is orthodontics. You can use your FSA to cover payments made for braces, even if the braces were put on before the start of the current plan year. If the treatment plan is ongoing, you can submit expenses for the current plan year.
What happens to my FSA if I terminate employment in the middle of a plan year?

You will have a specific amount of time, called the run-out period, during which you can submit claims that were incurred prior to your termination date. You employer determines the run –out period. You may not be reimbursed for any claims incurred after your termination date. However, you may be able to continue your Health Care FSA coverage under COBRA.
I don't know how much I should contribute. What do most people do?

There is no amount that will be right for everyone. FSA elections vary greatly, depending on the individual participant and his or her particular situation. You should make your election by carefully examining your expected out of pocket health care expenses for the upcoming year.
Can I get an extra FSA debit card for my spouse?

Yes, you can request up to four debit cards for your family. You will automatically be sent two cards, and you can request additional cards via our website, mycpiteam.com.
Does my daycare provider need to be licensed in order to use the Dependent Care FSA?

No, you can use the Dependent Care FSA to cover expenses for anyone who watches your children while you and your spouse are working. It can even be a family member, as long as that person is not your tax dependent. The only rules that apply are that you must provide the Social Security number or Tax ID of your daycare provider, and that person must claim the income.
My spouse is a stay at home parent. Can I use the Dependent Care FSA to pay for preschool?

No, the regulations state that care must be rendered so that both you and your spouse can be gainfully employed, look for gainful employment or attend school.
Can I transfer money from my Health Care FSA to my Dependent Care FSA?

No, you can use funds only for the purpose for which the election was initially made. IRS regulations do not allow funds to be transferred or commingled between accounts. So, the money in your Health Care FSA may only be used for health care expenses and your Dependent Care FSA may only pay for dependent care expenses.