Contribute to Flexible Spending Accounts (FSA)


FSA

CoreSource administers the Flexible Spending Accounts (both medical and dependent care expenses) for St. Jude.

FSAs help pay for certain medical and dependent care expenses that are not covered by the medical, dental or vision plans. Examples of these types of expenses are co-pays, coinsurance and regular day care expenses for dependent children. FSAs provide tax advantages by letting you set aside pre-tax dollars to pay eligible expenses, so you do not pay Social Security taxes, federal or state income taxes on the money you contribute or are reimbursed.

The Dependent Care maximum annual contribution for St. Jude employees is $5,000 and the medical maximum amount is $2,500 in 2014.

If you do not use all the money you deposit in your accounts during the year, the IRS requires that you forfeit the remaining amount. Money deposited during the year cannot be carried over into the next calendar year.

Keep in mind that if you pay for dependent care expenses out of your flexible spending account, you may not claim the same expenses under the Federal Dependent Care Tax Credit, and that expenses reimbursed from your dependent care spending account will reduce your maximum tax credit. For more information on the Federal Dependent Care Tax Credit, see the Internal Revenue Service website at www.irs.gov or consult your personal tax advisor.

Under the Dependent Care Spending Account, eligible dependents include:

Flexible Spending Account (FSA) debit cards

Benny Cards make paying for medical and dependent care expenses a whole lot easier!

Enjoy fast, easy access to your saved pre-tax FSA dollars, which are automatically drawn from your account as purchases are made. The card will look like a MasterCard but may only be used for eligible items. You must still save receipts; however, you won’t have to submit forms and wait for a reimbursement check. Click here for a listing of eligible expenses.


  Health Care Spending Account Dependent Care Spending Account
Examples of eligible expenses

Amounts you pay as a deductible copay or coinsurance under the medical, dental, vision or any other qualifying benefit plan



Certain health care expenses you pay that are not reimbursed by any other source. These include expenses for:

  • Hearing aids and their fitting
  • Acupuncture
  • Eyeglasses and contact lenses (when not reimbursed under the Vision Plan)—must be prescribed by a vision care specialist
  • Hypnosis for treatment of illness
  • LASIK surgery (when not reimbursed under the Vision Plan)
  • Braces for your children
  • Day care centers
  • Babysitters
  • Adult day care centers for dependent adults living in your home
  • Eligible expenses are those described in sections 21 and 129 of the Internal Revenue Code. If you are uncertain whether an expense qualifies for reimbursement, call Human Resources–Benefits or CoreSource at (888) 728-4373 for assistance.
Examples of ineligible expenses
  • Medical, dental or vision care plan premiums (including COBRA premiums)
  • Cosmetic surgery, treatment or procedures (including prescription drugs used in cosmetic treatment or procedures)
  • Athletic club memberships, spas and non-prescribed weigh loss plans
  • Expenses reimbursed by another insurance company or spending account plan
  • Expenses claimed as deductions on a federal tax return
  • Over-the-counter drugs that are considered beneficial to your general health, such as the cost of vitamins and dietary supplements
  • Health and beauty supplies
  • Expenses incurred before you enrolled in the plan 
  • Certain nonprescription or over-the-counter drugs, for example, antacids, allergy medications, pain relievers and cold medicines
  • Care or services provided by your spouse, children under age 19 or anyone you could claim as a legal dependent for federal income tax purposes
  • Child support payments
  • Expenses for overnight camps
  • Expenses reimbursed by another spending account plan
  • Expenses you claim as a credit on a federal tax return
  • Expenses you incurred before you became a spending account participant
  • Food, clothing or entertainment for a dependent
  • General babysitting other than during work hours
  • Private school tuition
  • Transportation to or from the dependent care location