FLEXIBLE SPENDING ACCOUNT (FSA)/HEALTH SAVINGS ACCOUNT (HSA) PLANS

Flexible Spending Account (FSA)/Health Savings Account (HSA) Guidelines

The Ouachita Flexible Spending Account (FSA) allows employees to set aside a certain amount of their annual income for un-reimbursed medical and dependent care expenses. The maximum amount for 2020 for medical expenses is $2,750 and $5,000 for dependent care expenses, if married filing jointly or are single.  If married, filing separately, the maximum election for dependent care expenses is $2,500.  Annual election amounts are deducted on a monthly basis from an employee’s pay and put into an account prior to paying income taxes. Flexible Spending Accounts (FSA) have a “use it or lose it” rule, meaning any unused funds remaining at year’s end are forfeited.   Elections to a flexible spending account may not be changed during the year unless there is a qualifying event, such as marriage, birth, adoption, or a change in your or your spouse’s employment status.  See Consolidated Admin Services for answers to questions about a Flexible Spending Account not covered in the information above.

Individuals that participate in the Ouachita Baptist University Qualified High Deductible Health Plan (HDHP) may opt to participate in a Health Savings Account (HSA).   Much like a flexible spending account, contributions are tax-sheltered and can be used to offset out of pocket medical expenses.  The annual limit for 2020 is $3,550 for individuals and $7,100 for family contributions.  If aged 55 or older, you may also make “catch-up” contributions of up to 1,000 per year above the previous limits.  Unlike the flexible spending account, HSA account owners can change how much they are contributing at any time.   Account holders can roll over unused funds year after year, unlike the Flexible Spending Account (FSA).  Individuals enrolled in Medicare are not eligible to participate in a health savings account.  For more information on a health savings account, go to: Consolidated Admin Services.

CONSOLIDATED ADMIN SERVICES (CAS)
Flexible Spending, Health Savings & Dependent Care Accounts Vendor
January 1, 2020

Consolidated Admin Services offers quick access to benefit account information through one of the two options below:

  • CAS Consumer Portal – This one-stop portal gives you 24/7 access to view information and manage your accounts.
  • CAS Mobile App – The app allows you to manage your accounts from the palm of your hand, anytime, anywhere.

NOTE:  If you had a Health Savings Account with our previous vendor, Datapath, you can continue to use your Datapath card until the funds are depleted.  However, you can complete a HSA Transfer Form, along with an Enrollment Form, and transfer your HSA funds from DataPath to CAS.

Remember, you must complete the Enrollment Form to set up a FSA, HSA, or DC!

If you have any questions, you can call or come by our office.  You may also contact Consolidated Admin Services, “CAS”, and they will be happy to assist you!  Replacement cards may be ordered by contact CAS at 877-941-5956 or info@consolidatedadmin.com.

Consolidated Admin Services
907 South Pine, Cabot AR 72023 US
Phone: 877-941-5956
Fax: 877-641-5956
info@consolidatedadmin.com

Flexible Spending Account/Health Savings Account

ELIGIBLE AND INELIGIBLE HEALTH CARE EXPENSES 2020

The IRS and the Federal Courts have deemed certain medical and healthcare expenses to be qualified for reimbursement through a Flexible Spending Account (FSA) or Health Savings Accounts (HSA).  For more detailed information, please consult IRS Publication 502 or see a tax advisor.

PLEASE NOTE:  With the passage of the CARES Act (COVID-3 Stimulus Bill), effective 1/1/2020, the IRS will allow Over-the-Counter (OTC) medicines or drugs to be purchased with Health Care FSA or HSA funds without a prescription.  Click here for more information.

 

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