Resources - FAQs

• What is a Flexible Spending Account (FSA)?

  • A Healthcare Flexible Spending Account, or “FSA,” is a pre-tax benefit that allows you to pay for eligible medical, dental, and vision care expenses for you and your family, even if they are not covered by your insurer (i.e. OTC)
  • Contribution is determined by you during your employer’s annual open enrollment period. Deferral is spread equally each pay cycle during the plan year. Because the deferral is taken before taxes are calculated your take-home pay increases! Your entire annual deferral is available for use beginning the first day of the plan year.
  • No more use it or lose it after the plan year! IRS allows up to $50 of your money to rollover into the next plan year OR a claim extension of 2 ½ months after the plan year is over to still incur expenses and clear out your prior year balance. Please check with your employer, view your claim instructions or contact VantagePoint to see if your employer implemented either of these programs

• What kinds of expenses are covered under a Healthcare FSA?

  • You would be surprised how many items are eligible. Office visit co-payments, Rx expenses, dental work, eyeglasses and contact lenses are just a few examples
  • In most cases, VantagePoint Debit card transactions for eligible expenses are automatically approved. But please remember to save your receipts from your card transactions as they may be necessary to verify the eligibility of an expense.
  • See our list of eligible expenses for review. Please note the IRS determines which expenses are eligible, and some expenses require a doctor’s note or prescription to be eligible for reimbursement

• Which expenses are not covered by a Healthcare FSA?

  • Cosmetic surgery and procedures
  • Teeth whitening
  • Expenses reimbursed by an insurance provider or another health plan
  • Herbs, vitamins, supplements, or other over-the-counter items used for general health
  • Insurance premiums
  • Personal use items (e.g., toothpaste, shaving cream, cosmetics)

Please click here for the latest list of eligible expenses or log into your VantagePoint account for a comprehensive list of eligible expenses under your particular Healthcare FSA.

• How do I know if I have an extension or a rollover?

  • Please check with your employer, view your claim instructions or contact VantagePoint to see if your employer implemented either of these programs

• Is either option available for Dependent Care FSA?

  • No, neither option is available for Dependent Care. They are only available for the Healthcare portion of FSA.

• When will the funds carry over to the next plan year?

  • Your funds will be available on the first day after the grace period for the prior year is ended.

• What is a HSA-Compatible Limited Purpose FSA?

  • A Limited Purpose FSA (LPFSA) is a Flexible Spending Account (FSA) that is compatible with a Health Savings Account (HSA). If you’re enrolled in a qualified deductible-based health plan and have an HSA, you can maximize your savings by pairing your HSA with a Limited Purpose Flexible Spending Account (LPFSA). This pre-tax benefit lets you take advantage of the savings power of an HSA and a Healthcare FSA simultaneously. A HSA-Compatible FSA is also referred to as a “limited purpose” FSA because it is used to pay for eligible dental and vision care expenses only.

• What kinds of expenses are covered under a Limited Purpose FSA?

  • Limited Purpose FSA can be used for Dental and Vision expenses only. Please click here for eligible expenses.

• How is a Limited Purpose FSA funded?

  • It is funded by you the same way a traditional FSA is funded

• What is a Dependent Care FSA?

  • Dependent Care Flexible Spending Account is a pre-tax benefit used to pay for dependent care services while you are at work. The money you contribute to a Dependent Care FSA is not subject to payroll taxes, so you pay less in taxes and take home more of your pay. Under this type of account, a “dependent “ is a child under 13 years of age (until the day of their 13th birthday) and adult dependents who can’t take care of themselves. The dependent must live with you and be claimed as a dependent on your tax return.

• What is a work-related expense?

  • Your Dependent Care expenses must be “work-related.” This means that the expense must be incurred while you or your spouse are working, or looking for work. For example, if both you and your spouse work full-time and you pay for after-school care for your child, that is an eligible “work-related” expense. Please note that unpaid and nominal paid volunteer work do not qualify as “work”.

• What expenses are eligible under a Dependent Care FSA?

  • A wide variety of dependent care services are allowed. Pre-school, summer day camp, before- and after- school programs, and child or elder daycare are all eligible. Please note IRS rules determine which expenses are eligible. IRS Publication 503 can be viewed here

• How do you get reimbursed for a Dependent Care Claim?

  There are three ways you can use the funds in your Dependent Care FSA:

  • If your employer elected this service, VantagePoint can pay your dependent care provider directly. Check with your employer or log onto your VantagePoint account to see if you have this service.
  • VantagePoint will reimburse you directly via check or direct deposit after we receive your claim request
  • In certain circumstances, you may use the VantagePoint Debit Card to pay your dependent care provider directly. Contact VantagePoint Benefit Administrators for more details.

• What if my claim amount is higher than my Dependent Care account balance?

  • You will be reimbursed up to your account’s current balance. The rest of your claim will be held until your account is replenished each payroll cycle. After each cycle VantagePoint Benefit Administrators will reimburse you automatically until the claim is fully paid, up to your elected amount.

• Am I able to use my full Dependent Care election at the beginning of the plan year?

  • You are not allowed access to the full amount of your Dependent Care FSA at the beginning of the plan year. Funds need to build up in your account before you may use them.

• What if my spouse has a Dependent Care account through her employer?

  • If your spouse has a Dependent Care FSA, you may each contribute up to $2,500 into your respective accounts. The annual Dependent Care FSA contribution limit for married couples who file jointly is $5,000. Please note you cannot “double-dip”, meaning that expenses reimbursed under your Dependent Care account can’t also be reimbursed under your spouse’s Dependent Care account.

• Who meets the definition of ‘dependent’ under a Dependent Care FSA?

  • A child under the age of 13 who resides with you and for whom you are entitled to a personal tax exemption as a dependent. Keep in mind if you are divorced, the child is a qualifying individual with respect to you if the child lives with you, even if you have permitted the noncustodial parent to take the exemption.
  • A spouse, parents, or other tax-dependent adults who reside with you and who are physically or mentally incapable of self-care. Learn more about eligible dependents by clicking here

• Can I change my election amount after Open Enrollment or anytime during the plan year?

  • You can only change your election amount outside of Open Enrollment if you meet one of the ‘life qualifying events’ set by the IRS and your employer.

  Examples include:

  • Change in marital status (such as marriage, divorce or death of your spouse)
  • Change in the number of your dependents (such as the birth or adoption of a child, or death of a dependent)
  • Change in employment status of you, your spouse or dependent
  • An event that causes your dependent to satisfy or cease to satisfy an eligibility requirement for a particular benefit

  If you believe you qualify for a change of your election, please contact your employer or VantagePoint Benefit Administrators.

• What happens to any funds in my account at the end of the plan year?

  • Any money left in your Dependent Care FSA at the end of the plan year is forfeited to your employer per IRS regulations. Balances are not eligible for any Rollover or claim extension. Please plan your contributions and expenditures carefully. Remember when calculating your contribution planning break-even is much lower than your election amount.

• Does a Dependent Care FSA cover healthcare expenses for my dependents?

  • No, you would use your Healthcare FSA for these types of expenses.

• Do my Dependent Care deferrals continue while I am on a leave of absence?

  • No, your contributions stop during any type of leave of absence. The Dependent Care FSA is intended to help you pay for eligible expenses to allow you to work. Therefore, you cannot be reimbursed for expenses incurred while you are on a leave of absence from work.

• What happens to my Dependent Care funds if I leave my employer?

  • Normally an employer will offer a grace period to submit claims after separation. Please keep in mind you need to incur all eligible expenses before your last day of employment. Log into your VantagePoint account or ask your employer for more details.

• How do I submit receipts for reimbursement?

  • The easiest way is to use the VantagePoint HR mobile app. You can use VantagePoint’s SnapClaim photo feature to take a photo of your receipt and automatically upload for reimbursement. You can also submit electronic copies of receipts by logging into the VantagePoint Benefit Administrators site