Enrollment Information – 24HourFlex

Why Enroll in a Flex Plan?

Save Money
A Flexible Spending Account (FSA) allows you to put aside money before taxes to pay for eligible healthcare and daycare expenses. Money withheld for the FSA escapes Federal and State income taxes and Social Security Tax. By adding these three tax brackets together, you will find that your tax savings can be as great as 40% of the amount contributed to the FSA.
Care For Your Family
You can include expenses for you, your spouse, your qualified tax dependents, as well as your adult children (through December 31st of the year in which he or she turns 26). Their expenses are eligible for the FSA even if they aren’t enrolled in your employer’s health coverage.

	FSA	No FSA
Annual Income (before taxes)	$50,000	$50,000
Pre-tax Medical FSA Contribution	($2,500)	$0
Pre-tax Dependent Care FSA Contribution	($5,000)	$0
Taxable Income	$42,500	$50,000
Estimated Taxes (27%)	$11,475	$13,500
Available Income	$38,525	$36,500
ESTIMATED SAVINGS	$2,025

Actual savings will depend on your salary, how much you contribute into the FSA, your tax bracket, and how you file your taxes (single, married, etc.).

Enrollment FAQ

How Do I Enroll in an FSA?

You can enroll in an FSA by following these three steps:

Determine that you are eligible for the plan. Contact your employer to find out what the eligibility requirements are for your specific plan.
Decide which Spending Account(s) you want to participate in–the Medical FSA and/or the Dependent Care FSA.
Complete your employer’s Benefit Enrollment Form or online enrollment.

When Can I Enroll in an FSA?

You may enroll in an FSA…

During your employer’s annual open enrollment period. You must enroll no later than the last day of the open enrollment.
When you become eligible for benefits.
During the plan year if you or an eligible family member has a qualifying change in status (birth, marriage, divorce, etc.) that creates a special open enrollment.

What is Considered a Qualifying Event?

Status change events as defined by the IRS include:

Change in legal marital status
Judgments, decree, or court order
Entitlement to or loss of Medicare or Medicaid
Dependent satisfies or ceases to satisfy eligibility requirements
Special requirements related to Family Medical Leave Act (FMLA)
Entitlement to COBRA
Change in employment status that affects eligibility for coverage
HIPAA Special Enrollment Rights
Change in residence that affects eligibility for coverage

For a more detailed chart that explains what kinds of modifications can be made to your account in the event of a change, consult our Change of Status Matrix.

Can I Change My FSA Election Mid-Year?

In general, once the plan year has started an election may not be changed unless there is a status change event. Status change events as defined by the IRS include:

Change in legal marital status
Judgments, decree, or court order
Entitlement to or loss of Medicare or Medicaid
Dependent satisfies or ceases to satisfy eligibility requirements
Special requirements related to Family Medical Leave Act (FMLA)
Entitlement to COBRA
Change in employment status that affects eligibility for coverage
HIPAA Special Enrollment Rights
Change in residence that affects eligibility for coverage

There are special rules for making mid-year election changes for Dependent Care FSA accounts.

Once I Enroll, How Do I Access My Funds?

The 24HourFlex Debit Card provides an convenient way to pay for eligible out-of-pocket expenses for you and your family. This Card gives you immediate access to the funds in your FSA account(s) and allows you to pay your co-payments and deductibles using the Card. Co-payments will auto-approve, meaning no further receipts will be required. The IRS has regulations regarding where the card can be used and when follow-up documentation is required. For a list of eligible FSA expenses, click here or visit the FSA Store website.

You also have the option to sign up for Direct Deposit and receive reimbursements directly to your bank account.

You can access your account online 24/7 here to check your available balance and manage your funds.

How Do I Submit Receipts to 24HourFlex for Reimbursement?

Once a month, 24HourFlex will mail to you a report showing any debit card charges that require receipts. Simply follow the instructions on the report. Do not use a blank 24HourFlex claim form to submit receipt requests.

Acceptable receipts must include:

Date of service
Service performed
Vendor providing the service
Amount

To receive the fastest reimbursement for an eligible out-of-pocket expense, log in to your account and submit your claims online. Supporting receipts and documentation can be scanned and attached to your online claim, or you can email, fax, or mail the required paperwork. In case you need further help, we have created instructions walking you through how to create your claim form online.

Do I Need to Submit Receipts for Every Purchase?

When you use your card to purchase FSA-eligible items at a merchant with an IRS compliant inventory approval system, no receipts will be required to be submitted. Thousands of merchants have installed this inventory approval system and more merchants are being added all the time. Click here for the latest list.

Enrollment Resources

List of Eligible Expenses
Only eligible medical and dependent care expenses can be reimbursed under an FSA. Check out our list of common eligible expenses to see how much you could be saving!
Change of Status Matrix
Need to know if you have experienced a qualifying event that allows you to make changes to your account? Take a look at our Change of Status Matrix to see what you can do!
Enrollment Materials
View and download a pdf versions of individual flyers for each of the benefits you offer, including the Medical FSA, Dependent Care FSA, HSA, and more!