Save your cash for the good stuff
When you enroll in a Flexible Spending Account (FSA), you set aside pretax money to pay for eligible healthcare and/or dependent care expenses. You never pay taxes on the dollars you set aside in an FSA, which helps you save cash.
Salesforce offers three FSAs administered by Optum Financial (formerly ConnectYourCare):
- Healthcare FSA allows you to set aside up to $2,750 in 2021 to cover eligible healthcare expenses for yourself and your dependents. Eligible expenses include office visit copays, deductibles, orthodontia, vision expenses, and more.
- Limited Purpose FSA allows you to set aside $2,750 in 2021 when you enroll in the HDHP. You may enroll in the Limited Purpose FSA to pay for qualified dental and vision expenses. If you are contributing to a health savings account (HSA) you are ineligible to enroll in Salesforce’s Healthcare FSA.
- Dependent Care FSA allows you to set aside up to $5,000 (if you’re on-target earnings (OTE) are less than $250,000, as of October 1, 2020) or $2,500 (if you’re OTE are greater than or equal to $250,000, as of October 1, 2020) in 2021 to cover eligible child care or adult day care expenses. Use this account to cover expenses related to babysitters, nanny services, licensed day care, preschool fees, before- and after-school programs, elder care services, and more.
The accounts are easy to use. The Healthcare FSA comes with a debit card you can use at the doctor’s office, pharmacy, or other medical facility. For the Dependent Care FSA, you file claims to get reimbursed. To manage your FSA account, log in to www.connectyourcare.com/m/ohana/ or download the mobile app. First-time users will need to register.
To participate in the FSA, you need to enroll and choose the amount you would like to set aside each year. See Optum Financial (formerly ConnectYourCare) for more information.
Note that you can roll over up to $550 in unused funds in the 2020 Healthcare or Limited Purpose FSAs at the end of the calendar year to the next year. Your carryover funds (up to $550) do not need to be spent by a particular date.
Please note that if you are enrolling in the HDHP plans, any funds carried over from the Healthcare FSA will become a Limited Purpose FSA.
For the 2021 plan year, expenses must be incurred January 1 through December 31, 2021, to be eligible for reimbursement. You have until April 30, 2022, to submit claims for reimbursement.
Any unused FSA funds over $550 are subject to the “use it or lose it” rule and will be forfeited.
Dependent Care FSA
For the 2021 plan year, expenses must be incurred January 1 through March 15, 2022, to be eligible for reimbursement. You have until April 30, 2022, to submit claims for reimbursement.