Flexible Spending Account (FSA)

Flexible Spending Accounts (FSAs) let full-time employees pay for IRS-approved medical and dependent care expenses, such as health care, your kids’ daycare, or your parents’ elder care expenses on a before-tax basis. This saves you money on the things you’d be paying for anyway.

BAYADA’s FSA provider is Optum Financial, which integrates with our Aetna, Delta, & EyeMed medical health insurance. You can also access Optum Financial’s mobile-friendly online portal/app to view reimbursement requests, account balances, claim information, and more!

BAYADA offers two FSAs:

Healthcare FSA
A Healthcare FSA lets you use pre-tax dollars to pay for certain healthcare expenses not covered by your insurance plan. This account is pre-funded by BAYADA, and your contributions will be deducted from your paychecks in equal installments throughout the plan year.
Dependent Care FSA
The Dependent Care FSA enables you to pay for dependent daycare costs with pre-tax dollars. This account is not pre-funded; only the funds deposited weekly from your pay are available for use. Your contributions will be deducted from your paychecks in equal installments throughout the year and deposited into your account.

You can participate in one or both FSAs. Each year that you would like to participate in an FSA, you must elect the amount you want to contribute to either or both FSAs at open enrollment.

	Medical Account	Dependent Care Account
Eligible Expenses	Eligible out-of-pocket healthcare expenses that are not covered by a medical, prescription drug, dental or vision care plan, including deductibles, copayments, and coinsurance.	Eligible out-of-pocket day care expenses so you (or your spouse, if you are married) can work or attend school full-time. Eligible dependent care expenses include care for children under age 13, and care for dependents of any age who are physically or mentally incapable of self-care (includes day care for elderly dependents, but not nursing home expenses).
How can I use the money?	You can use it to pay for medical, dental, and vision expenses, including deductibles, coinsurance, prescriptions, and other eligible expenses.	You can use it for eligible expenses at licensed day care centers, nursery schools, day camps, and home care with valid tax ID numbers.
Making Midyear Changes	The medical FSA and DCA can be decreased as well as increased with a qualifying event. The change needs to be consistent with the event; for example, the birth of a child can trigger an increase in the FSA, but not decrease. Further, a divorce (one fewer dependent to cover) can trigger a decrease in the election amount.
Claims Reimbursement	Optum Financial Payment Card – use at point of service. Submit online or paper claim forms. You have until 03/31/2025 to submit expenses incurred prior to 01/01/2025.	DCA is a non-carded account; the Optum Financial Payment Card cannot be typically used for dependent care expenses. For reimbursement of dependent care costs, you need to keep the receipts for those services. Submit online or paper claim forms. You have until 3/31/2025 to submit expenses incurred prior to 1/1/2025.
What happens if there is money left at the end of the plan year?	The FSA will have a carryover feature allowing up to $640 of your unused healthcare FSA balance to be carried into the 2025 plan year. Any funds over the $640 rollover will be forfeited if not used on claims incurred prior to 01/01/25. You have until 03/31/2025 to submit expenses incurred prior to 01/01/2025.	If you have not spent all the funds in your DCA by the end of the plan year, you may continue to submit expenses through 03/31/2025 for expenses incurred prior to 01/01/2025. Any funds not used by 03/31/2025 to submit expenses incurred prior to 01/01/2025 are forfeited.
Do I need to keep my receipts?	Yes
Administrator	Optum Financial

Flexible Spending Account (FSA)

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