Asuris Limited Health Care Flexible Spending Account (LHFSA)
Maximize your care to save even more
The Asuris Limited Health Care FSA is designed to be used with
your Asuris HSA Healthplan 2.0SM. It allows you and your employees to set aside
pre-tax dollars to pay for out-of-pocket preventive dental and vision
expenses. Your employees can save even more out-of-pocket expenses
once their deductible has been met. The program is an effective way to
balance your desire to offer quality coverage with your need to curb
company costs.
Contributions are deducted from employee pay before federal, state
or Social Security taxes are withheld. This decreases their taxable
income and lowers their overall taxes. Lower taxes equate to increased
spending power.
How does it work?
Using the Asuris LHFSA is easy. Employees simply follow
these steps:
- At the beginning of each year, the employee decides the
total yearly LHFSA contribution amount.
- Funds are contributed by the employee through regular
payroll deduction and placed into a special account.
- Eligible expenses are paid upfront by the employee.
- The employee submits a claim for reimbursement from the
LHFSA; a check for the claim amount is then mailed
directly to the employee.
What does a Limited Health Care FSA cover?
It can be used for many everyday
expenses that your employees
are currently paying for with
after-tax dollars. Preventive care
also qualifies. Funds can also be
used after the deductible is met to
cover other medical expenses.
In addition, the following
expenses are covered:
Dental
- Dental fees
- Orthodontia
- Dentures
- Dental deductible
- Additional expenses after your deductible is met
Vision
- Contact lenses and supplies, laser eye surgery, exam fees, eyeglasses and prescription sunglasses
- Assistive equipment for vision impairment (some limits apply)
- Seeing-eye dog purchase and upkeep (some restrictions apply)
- Additional expenses after your deductible is met
Preventive Care
- Immunizations
- Annual exams
- Cancer screenings
How much should be set aside?
The amount an employee chooses
to set aside is based on what
health care expenses they expect
to use in a year. Funds in a Limited
Health Care FSA can be used only
in the plan year. Any unused funds
cannot rollover to the next year.
Reducing costs, expanding benefits
The Asuris Limited Health Care
FSA offers flexible health care
solutions that are targeted to your
company's needs and to your
employee's. It is a smart way to
contain your health care costs
without compromising on the
quality of care. Employees will save
money on taxes while learning how
to maximize their health care dollar.
Frequently asked questions
Can contribution amounts be changed?
The annual election amount
cannot be changed in a calendar
year unless the account-holder
experiences a qualified life or
status-changing event. These
include marriage, the birth of a
child, adoption, or a change in a
spouse's employment status.
Qualified changes must be
reported within 30 days of
the event.
Can the Limited Health Care FSA be used for a dependent's health care?
Employees and their legal
dependents are eligible to
participate in the Limited Health
Care FSA program even if they
do not participate in your
employer-sponsored health plan.
What if employment is terminated?
If an employee changes jobs, they
can still request reimbursement for
any health care expenses incurred
prior to termination. This can be
done for up to three months
after the end of the plan year.
Employees who elect to continue
participation in the Limited Health
Care FSA under COBRA coverage
may continue to receive
reimbursement for their expenses.
Otherwise, any unused amount will
be forfeited. By electing COBRA
coverage, employees may also
continue to make deposits on an
after-tax basis.
