Flexible Spending Accounts
Flexible Spending Accounts (FSAs) allow you to set aside money on a pre-tax basis to pay for qualified out-of-pocket health care or dependent care expenses. Because the money is deducted from your paycheck on a pre-tax basis, you will reduce the amount of your taxable income.
Ollie’s offers a Health Care FSA and a Dependent Care FSA. These accounts are separate – you cannot use money from a Health Care FSA to cover expenses eligible under the Dependent Care FSA or vice versa. The Health Care FSA is not available to $2,500 HDHP participants.
NOTE: You can participate in the Flexible Benefit Plan after 6 months of initial service with Ollie's Bargain Outlet. Entry dates are January 1st or July 1st and your entry date is based on your intitial elgibility. Open Enrollment for the Flexible Benefits Plan is July of each year.
How Flexible Spending Accounts Work
- Each year during the Open Enrollment period, you decide how much to set aside for health care and/or dependent care expenses.
- Your contributions are deducted from your paycheck on a pre-tax basis in equal installments throughout the year.
- As you incur health care or dependent care expenses throughout the year, you’ll need to submit a claim form to be reimbursed from your account. The Health Care FSA also includes a debit card that you can use to pay for eligible expenses at the point of sale. You will not be paying out of pocket, so there’s no need to fill out a claim form and wait for reimbursement.
You must re-enroll in the FSAs each year.
You are not automatically re-enrolled.
|Plan||Annual Maximum Contribution||Examples of Covered Expenses*|
|Health Care FSA||$2,850||Medical, dental and vision copays, deductibles, prescription drugs, orthodontia, etc.|
|Dependent Care FSA||$5,000 ($2,500 if married and filing separate tax returns)||Day care, nursery school, elder care expenses, etc.|
|*See IRS Publications 502 and 503 for a complete list of covered expenses.|
A Flex Card is issued by Ameriflex which is used like any other bank card. Simply present the card at a certified merchant at the time of purchase, and the funds are debited directly from your Flexible Spending Account. Using the card prevents the need to pay with cash and then file a paper form for reimbursement later. Please remember to save your receipts in case you have to prove your purchase is a covered expense.