Baker Hughes offers two FSAs: the Health Care FSA (HCFSA) and the Dependent Care FSA (DCFSA).
UnitedHealthcare administers our FSAs.
When you enroll in the Health Care FSA, you elect how much money you want to contribute. Your contribution is made pre-tax and deducted from your paycheck throughout the year.
In 2019, you can contribute up to $2,650 to the Health Care FSA.
In 2020, you can contribute up to $2,700 to the Health Care FSA.
Your Health Care FSA funds can be used tax-free to pay for out-of-pocket qualified medical expenses. There are hundreds of qualified medical expenses, including:
Refer to IRS Publication 502 for a more complete list of qualified medical expenses.
You will not receive a debit card for your FSA. Medical and Prescription Drug claims are submitted automatically. You must file Dental and Vision claims.
No. Per IRS regulations you cannot contribute to an HSA and an HCFSA during the same plan year.
When you enroll in the Dependent Care FSA, you elect how much money you want to contribute. That money is deducted from your paycheck throughout the year. Your contributions are deducted before tax. You can contribute up to $5,000 a year in the Dependent Care FSA ($2,500 maximum if you are married and file separate tax returns).
You will not receive a debit card for your Dependent Care FSA.
You can be reimbursed for eligible expenses before the money is in your account, up to the total amount you elect to contribute for the year.
More information about the Dependent Care FSA can be found in the Benefits Guide.
Your Dependent Care FSA funds can be used tax-free to pay for dependent care expenses. Eligible expenses include:
Refer to IRS Publication 503 for a more complete list of qualified dependent day care expenses.
The Health Care FSA is a tax-advantaged savings account designed to help you pay for qualified medical, dental, prescription and vision expenses.
The Dependent Care FSA is a tax-advantaged savings account designed to help you pay for qualified expenses used in the care of an eligible dependent, such as for daycare or elder care, so you and/or your spouse can continue to work. Both are governed by IRS rules.
No, the Dependent Care FSA does not cover any medical, prescription drug, dental, or vision expenses.