Are you enrolled in the Consumer Choice PPO plan with a Health Savings Account? 
Do you expect any dental or vision expenses during the plan year?  If so, then you might want to open a Limited Purpose Health Flexible Spending Account (FSA) to save money. 

This pre-tax account lets you save up to the $2,500, which is the IRS limit, to help you pay for dental and vision expenses not covered by insurance.  By using pre-tax dollars to fund this account, you lower your taxable income for the year.  This means you will pay less on taxes. And you can use pre-tax dollars to help offset your deductibles and lower your out-of-pocket expenses.

To take advantage of a limited purpose FSA you will need to be enrolled in the Consumer Choice PPO Plan.

Eligible Expenses for a Limited Purpose Health FSA Include:

• Dental and vision deductibles and co-payments
• Eyeglasses and/or contact lenses and solution
• Orthodontia deductibles and co-payments

Maximum Contribution Amounts
You can elect to contribute up to $5,000 into a health care FSA. When deciding the amount you wish to contribute to this account, take into consideration:

• Known or fixed health care costs that are not covered by medical, dental or vision insurance.
• Prescription co-payments you anticipate during the year.
• What you might spend out-of-pocket for health care annually including over-the-counter drugs.
• Deductibles required under the Medical/Dental Option you select.

Be sure to check the health care FSA Estimator located in the Medical Plan Decision Toolkit.

Use it or lose it
Tax advantage accounts have certain tax advantages, therefore the IRS regulates them. By law, any funds not used for services during the year will be lost. In other words, you need to use the money in your account or you'll lose it. See the www.irs.gov Web site for the complete list of qualified health care expenses, Publication 502.

Changing your health care FSA contribution amount mid-year can only occur if you experience a qualifying status change. Contact Farm Credit Foundations for more information.

Accessing Your Health Care FSA Funds
Debit Card
When you enroll in a health care FSA you will receive a Visa debit card. You can use your debit card for expenses at most pharmacies and physician offices.

Online Banking
Bank of America offers online banking features for FSA participants.
Preview Bank of America's Web site and reimbursement flash video.

Claim Filing Deadline

• Year-End
  You have until March 31st to file claims for expenses incurred during the prior plan year. Any money left in the account after March 31st will be forfeited.
• Mid-Year Termination of Participation
  If you retire, leave the organization or cancel your FSA account mid-ear, you have 90 days to submit your claims to Bank of America for reimbursement. Any money left in the account will be forfeited.