AxisPlus Flexible Spending Account
AXIS Plus is the administrator of the Flexible spending accounts (FSAs), which allows an employee to contribute on a pretax basis to an account that he or she can then use to pay for qualifying expenses. Depending on the type of FSA, those expenses might include childcare or medical costs that are not covered by health, dental or vision insurance. At the end of the plan year, any unspent money in an FSA is forfeited, with the exception of the health care flexible spending accounts that permits employees to rollover up to $500 per plan year to the next year. You must re-elect your FSA each plan year and cannot make changes to your election unless you have a “qualifying life event” once your election has been made for the plan year.
Health Care Flexible Spending Accounts
You will have access to your entire election amount on July 1st of each plan year, even though all your deductions have not been taken from your paycheck yet. You must have a qualifying medical expense to use the funds and may be required to substantiate some expenses by submitting the receipts to Axis Plus the third party Administrator for the plan. Your deductions will be taken per pay period and continue through the plan year.
Dependent Care Flexible Spending Accounts
Your dependent care expenses must occur during the plan year in which you are electing services. The dollars must be in your dependent care account before you can access them for reimbursement. Your deductions will be taken per pay period and continue through the plan year.