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The Miami-Dade County Emergency Operations Center has been activated and is closely monitoring Erika. For any updates about County facilities and services, please visit: http://www.miamidade.gov/emergency
Flexible Spending Accounts
FSAs are IRS tax-favored accounts that can be used to pay eligible expenses. These funds are deducted from your salary before taxes are withheld, allowing you to pay your eligible expenses tax-free. A Healthcare FSA (HFSA) allows you to pay for eligible medical expenses not covered by your insurance or any other plan. Dependent Care FSA funds can be used to pay eligible dependent care expenses to ensure your dependents (child or elder) are taken care of while you and your spouse (if married) are working.
- IRS-approved reimbursement of eligible expenses tax free.
- Direct deposits from your pre-tax salary each pay period.
- You save income and FICA taxes each time you receive wages. You decide the amount to deposit.
Minimum Annual Deposit: $10 per pay period ($260 per year)
Maximum Annual Deposit: $5,000 (including a $51.48 annual administrative fee)
Partial List of Medically Necessary Eligible Expenses
- Ambulance service
- Birth control pills and devices
- Chiropractic care
- Contact lenses (corrective)
- Dental fees Diagnostic tests/health screening
- Doctors' fees
- Drug addiction/ alcoholism treatment Drugs
- Experimental medical treatment
- Eyeglasses (corrective)
- Guide dogs
- Hearing aids & exams
- Injections and Vaccinations
- In vitro fertilization
- Nursing services
- Optometrist fees
- Orthodontic treatment
- Over-the-counter items (RX may be required)
- Prescription drugs to alleviate nicotine withdrawal symptoms
- Smoking cessation program/treatments
- Transportation for medical care
- Weight-loss programs/meetings
Dependent Care FSA
Minimum annual deposit: $10 per pay period ($260 per year)
Maximum annual deposit: (including a $50.96 annual administrative fee)
The maximum contribution depends on your tax filing status.
Partial list of eligible expenses:
- After school care
- Baby-sitting fees
- Day care services
- In-home care/au pair services
- Nursery and preschool
- Summer day camps
Is an FSA right for me?
If you spend $260 or more on eligible medical expenses or $260 or more on eligible dependent care expenses during your plan year, you may save money by paying for them with an FSA. The amount is deducted in small, equal amounts from your paychecks during the plan year. Determine your potential savings with a Tax Savings Analysis by visiting the “Tax Calculators” link at www.myFBMC.com.
Note: Budget conservatively. No reimbursement or refund of FSA funds will be available for services that do not occur within your plan year. IRS-qualified expenses are subject to federal regulatory change at any time during a tax year. Certain other substantiation requirements and restrictions may apply, and will be supplied to you following enrollment.Back to Top
When may I enroll ?
You may enroll in a Health Care or Dependent Care Flexible Spending Account (FSA) during your new hire eligibility period or during the annual open enrollment held in the fall.Back to Top
What is the myFBMC Card®?
The myFBMC Card® is a convenient Healthcare Flexible Spending Account (HFSA) reimbursement option that allows FBMC to electronically reimburse eligible expenses under Miami-Dade County’s plan and IRS guidelines. When you swipe the myFBMC Card® to pay for eligible expenses, funds are electronically deducted from your HFSA account. The myFBMC Card® cannot be used for reimbursement of Dependent Care expenses.
If you enroll in an HFSA, two cards will be sent in the mail (in a plain envelope); one for you and one for your spouse or eligible dependent. Keep your cards to use each plan year until their expiration date. Remember, you can go to www.myFBMC.com to see your account information and check for any outstanding Card transactions. To activate your myFBMC Card® visit www.myFBMC.com. You may also call 1-888-514-6845.
After activating your card, for eligible expenses, simply swipe the myFBMC Card®. Whether at your health care provider or drugstore, the amount of your eligible expenses will be automatically deducted from your Healthcare FSA. Prescription and certain OTC purchases with the card are only accepted at registered merchants (i.e. stores like Publix, Wal-Mart, Target, and CVS). For all other qualified expenses, such as medical co-payments, the myFBMC Card® will function normally. To find out if a pharmacy near you accepts the card, please refer to the IIAS Store List at www.myFBMC.com.
If you fail to send in the requested documentation for a myFBMC Card® expense, you will be subject to:
- Withholding of payment for an eligible paper claim to offset any outstanding myFBMC Card® transaction.
- Suspension of your myFBMC Card® privileges.
- Reporting of any outstanding myFBMC Card® transaction amounts as income on your W-2 at the end of the tax year.
For additional information go to Benefits Handbook.
Visit the FBMC Customer Care Center for a list of eligible expenses, FAQs and download forms.
For Flexible Spending Accounts view FSA Summary Plan Description.
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