FSA
Schwazze offers two flexible spending account (FSA) options through Rocky Mountain Reserve.
An FSA is an account that allows you to pay for eligible health and dependent care expenses with pre-tax dollars. When you put money into a pre-tax account, you can save up to 20%* on your care and increase your take home pay. This is because you don’t pay tax on your contributions.
*Percentage varies based on your tax bracket.
HEALTH CARE FSA (NOT ALLOWED IF YOU FUND AN HSA)
Pay for eligible out-of-pocket medical, dental, and vision expenses with pre-tax dollars.
The health care FSA maximum contribution is $3,050 for the 2023 calendar year.
DEPENDENT CARE FSA
The dependent care FSA allows you to pay for eligible dependent day care expenses with pre-tax dollars. Eligible dependents are children under 13 years of age, or spouse, a child over 13, or elderly parent residing in your home who is physically or mentally unable to care for him or herself.
You may contribute up to $5,000 to the dependent care FSA for the 2023 calendar year if you are married and file a joint return or if you file a single or head of household return. If you are married and file separate returns, you can each elect $2,500 for the 2023 calendar year.
HOW TO USE AN FSA
Contribute.
Decide how much to contribute to your FSA on a calendar year basis up to the maximum allowable amounts. This amount will be evenly divided by the number of pay periods and deducted on a pre-tax basis from your paycheck.
Pay.
Use your FSA debit card to pay for eligible expenses at time of service or submit a claim for reimbursement at rockymountainreserve. com. Keep all receipts in case Rocky Mountain Reserve requires you to verify the eligibility of a purchase.
Use it or lose it.
At the end of the plan year, you can roll over $610 from your FSA to use in future years. Any amount in excess of $610 will be forfeited.
You have 90 days after the plan year ends to submit claims for expenses incurred during that plan year.