MNA PECSH-Represented Caregivers

Flexible Spending Accounts Benefits Overview

Benefit Plan Description Key Features What’s New This Year?

Flexible Spending Accounts (FSA)

FSA Enrollment Form

Option to enroll in a healthcare and/or dependent care spending account that allows Caregivers to contribute pretax dollars to spend on eligible medical, dental, vision and child care expenses.

Healthcare Flexible Spending Account (FSA) works with the Sparrow MNA PPO, and BCBS health plans.

 

Flexible Spending Account (FSA) elections must be made annually at open enrollment.

Please note: FSA funds used to pay out of pocket dental and vision expenses do not go toward a Caregiver’s annual health plan deductible.

The healthcare FSA can be used for medical deductibles, copays, eyeglasses/contacts, and dental expenses. You can elect to contribute up to $3,050 in 2024.

The Dependent Care FSA can be used for dependent care expenses, such as day care for a child or home care for a disabled spouse or parent. You can elect to contribute up to $5,000 in 2024.

IRS rules require that money left unused in the healthcare FSA is forfeited on March 15 following the plan year and Dependent Care FSA is forfeited on December 31 of the plan year.

HSA enrollees are not eligible for the Health Care Flexible Spending Account.

If you have a healthcare FSA in 2023 and are electing the Sparrow Health HSA plan for 2024, per the IRS you MUST use all of your 2023 healthcare FSA funds by 12/31/23 in order to open your HSA account January 1. Otherwise, the HSA account cannot be established until April 2024, which includes receipt of the employer contribution. Additionally, if your account is not established until April due to remaining 2023 FSA funds, any expenses incurred from January to March 2024 cannot be paid for using funds from the HSA account.

2024 IRS HSA maximum contribution limits increased to: $4,150 (single) and $8,300 (family); Contribution limits include any employer contributions.

The Sparrow health plans, administered by PHP, no longer require a Prior Authorization (PA) for Physical or Occupational Therapy. Caregivers are now able to access Physical and Occupational therapy services with either a prescription or referral.

For Information Call:

Total Rewards Hotline

517-364-5333

[email protected]

© Copyright 2024 Sparrow Health System

This is a summary of the benefits provided by each insurance carrier and it is not intended to fully describe the details of each benefit plan. Should any questions arise, the contracts in effect will take precedence.