For individuals
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An HSA is a tax-advantaged account designed to help individuals with High-Deductible Health Plans (HDHPs) save for and cover qualified medical expenses. Contributions to HSAs, along with any earnings and withdrawals for eligible expenses, receive favorable tax treatment. Additionally, HSAs offer an investment component, allowing funds to grow over time and build a reserve for future healthcare expenses or retirement
To be eligible for an HSA, you must be enrolled in a qualifying HDHP. You cannot have other health coverage that disqualifies you, be enrolled in Medicare, or be claimed as a dependent on someone else’s tax return.
HSAs offer triple tax advantages: contributions reduce taxable income, earnings grow tax-free, and withdrawals for qualified expenses are also tax-free. HSAs can also serve as a long-term savings tool, with unused funds rolling over each year.
You can contribute to both an HSA and a Limited Purpose FSA, but not a regular Healthcare FSA. A Limited Purpose FSA is designed to cover dental and vision expenses and can be used alongside your HSA. This setup allows you to optimize your pre-tax savings by using the Limited Purpose FSA for dental and vision costs, while reserving your HSA funds for broader medical expenses and long-term savings.
Yes, you can invest the funds in your HSA to maximize their potential for long-term growth. Our investment platform allows account holders to select from a range of options, including mutual funds, stocks, and bonds, once a minimum balance is reached. These tools are designed to help you strategically plan for near-term health expenses while also building a reserve for future needs.
Investing your HSA funds offers the potential for significant long-term value. By investing, your contributions can grow over time, which helps build a larger financial reserve for future healthcare expenses. This growth can be especially valuable when planning for major medical needs or for retirement.
As with any investment, performance will vary with market conditions. While investing can provide opportunities for substantial growth over time, it’s important to understand that returns are not guaranteed and may fluctuate. To make the most of your HSA investments, it’s wise to assess your risk tolerance and choose investment options that align with your financial goals and comfort level.
You can access your HSA funds by using your Malloy Banks debit card which is linked directly to your pre-tax benefits accounts, allowing you to pay for eligible expenses at the point of sale. Alternatively, you can reimburse yourself for qualifying purchases using your Malloy Banks online account.
You should keep itemized receipts that include the date of service, provider’s name, description of the service or product, and the amount. This documentation may be needed for IRS verification.
You do not need to submit receipts to be reimbursed from your HSA. However, it’s important to keep records for IRS audits to prove the expenses were qualified.
Eligible expenses include medical, dental, and vision care, prescription medications, and certain over-the-counter products. IRS Publication 502 provides a comprehensive list of eligible expenses.
Yes, alternative treatments like acupuncture and chiropractic care are generally eligible if they are medically necessary.
Yes, HSA funds can be used to pay for qualified medical expenses for your spouse and dependents, even if they are not covered by your HDHP.
Generally, gym memberships and fitness programs are not eligible unless prescribed by a physician for a specific medical condition.
An HSA is portable, meaning it remains yours even if you change jobs or leave your employer. You can continue using the funds for eligible expenses, but contributions may be affected if you are no longer enrolled in an HDHP.
Upon retirement, you can use your HSA funds for qualified medical expenses tax-free. At age 65, you can also use the funds for non-medical expenses, although those will be taxed like normal income.
You can no longer contribute to your HSA but can continue using the funds for eligible medical expenses tax-free. Your account will continue to earn tax-free interest and investment returns.
Yes, but non-medical expenses withdrawn before age 65 are subject to income tax and a 20% penalty. After age 65, non-medical withdrawals are taxed as ordinary income but do not incur the penalty.
A Healthcare Flexible Spending Account (HCFSA) is an employer-sponsored benefit that allows you to set aside pre-tax dollars to pay for eligible out-of-pocket healthcare expenses. By contributing to an FSA, you reduce your taxable income, thereby saving money on taxes while budgeting for medical costs throughout the year.
Eligibility is typically extended to employees whose employers offer an FSA as part of their benefits package. Most full-time employees can participate, but some employers also extend eligibility to a broader workforce. Review your employer’s specific plan details to determine eligibility criteria.
The benefits of participating in a Healthcare FSA include tax savings, as contributions reduce your taxable income. They also aid in budgeting, helping you plan for and manage healthcare expenses more effectively.
You cannot contribute to both a standard Healthcare FSA and a Health Savings Account (HSA) simultaneously. However, you may contribute to a Limited Purpose FSA (LPFSA), which covers only dental and vision expenses, alongside an HSA if you are enrolled in a High Deductible Health Plan (HDHP).
Enrollment is usually conducted during your employer’s annual open enrollment period. You will need to estimate your annual healthcare expenses to determine how much to contribute and complete enrollment forms as directed by your employer.
The IRS sets a maximum annual contribution limit for Healthcare FSAs, which can change annually due to inflation adjustments. Employers may also set their own limits within their plans. To make the most of your FSA, it’s a good idea to confirm the current contribution cap with your employer.
Generally, you cannot change your FSA contribution amount until the next open enrollment period. Exceptions are made for qualifying life events such as marriage, divorce, birth or adoption of a child, or significant changes in employment status. Any changes must be consistent with the nature of the life event and typically need to be made within 30 days of the event.
Yes, if your plan offers a grace period, you can incur new expenses during that time and use leftover funds. Additionally, you can submit claims for expenses incurred during the plan year up until the end of the run-out period.
An FSA rollover, also known as a carryover, allows you to transfer a portion of unused funds into the next plan year. This option is at the employer’s discretion and cannot be combined with a grace period. The rollover amount does not impact the maximum contribution limit for the new plan year.
A grace period is an optional extension of up to 2.5 months after the plan year ends, during which you can incur new eligible expenses and use unspent FSA funds. Not all employers offer a grace period, so verify with your employer’s plan summary.
Funds remaining in your FSA at the end of the plan year may be subject to forfeiture, referred to as the “use-it-or-lose-it” rule. However, many employers provide options to help you make the most of your funds, such as a grace period for additional expenses or the ability to carry over a portion of the balance into the next plan year. Be sure to review your employer’s plan to understand what options are available to you.
To plan your FSA contributions and avoid losing unused funds, start by reviewing your past medical expenses from previous years. Anticipate any future needs, including planned procedures or changes in your healthcare situation. Utilize planning tools like the tax savings calculators provided by Malloy Banks to help estimate your expenses. Taking a conservative approach by contributing a modest amount when uncertain can also help minimize the risk of unused funds.
The claim submission deadline, or “run-out period,” is the time frame after the plan year ends during which you can submit claims for expenses incurred during the plan year. This period is typically 60 to 90 days but varies by plan. Check your plan documents for specific deadlines.
No, only expenses incurred during the active plan year and after your effective date of enrollment are eligible. Expenses incurred prior to enrollment or after termination of employment are not eligible.
Contributions to an FSA are made with pre-tax dollars, reducing your taxable income. Because the tax benefit is realized upfront, you cannot deduct these contributions on your income tax return. This pre-tax contribution effectively lowers your federal income tax, Social Security tax, and, in most cases, state income tax liabilities. Is my FSA tied to my employer, or can I keep it if I change jobs?
FSAs are employer-specific plans. If you change jobs or leave your employer, you typically forfeit any unused funds unless you elect COBRA continuation coverage, which may allow you to continue accessing your FSA for a limited period, usually by making after-tax contributions.
Eligible expenses include medical, dental, and vision care, prescription medications, and certain over-the-counter products. IRS Publication 502 provides a comprehensive list of eligible expenses.
Yes, alternative treatments like acupuncture and chiropractic care are generally eligible if they are medically necessary.
Yes, HSA funds can be used to pay for qualified medical expenses for your spouse and dependents, even if they are not covered by your HDHP
Generally, gym memberships and fitness programs are not eligible unless prescribed by a physician for a specific medical condition.
You can access your HCFSA funds by using your Malloy Banks debit card which is linked directly to your pre-tax benefits accounts, allowing you to pay for eligible expenses at the point of sale; or by paying for eligible expenses out-of-pocket and then submitting a claim to Malloy Banks for reimbursement.
When you elect multiple pre-tax benefits with Malloy Banks, such as an FSA, HSA or CSA, all of your funds will be conveniently loaded onto the same card. This means you won’t need multiple cards to access your different accounts. The card is programmed to automatically apply the correct benefit account based on the type of expense being processed, making it easier for you to manage your pre-tax funds.
Note: some employers may choose to separate commuter cards from other pre-tax benefits. Refer to your employer’s plan details for confirmation.
Claims can be submitted through:
• Online Portal: Upload scanned receipts and fill out claim forms electronically.
• Mobile App: Take photos of receipts and submit claims directly from your smartphone.
• Email: Send claim form with supporting documents to claims@malloybanks.com
• Mail: Send physical copies of claim forms and receipts to MB Claims, PO Box 458, Cedar City, UT 84721
Yes, submitting itemized receipts is required to process claims for reimbursement. When using your Malloy Banks debit card, it is recommended you maintain copies of receipts.
To submit a claim, you need to include certain documentation along with your completed claim form. This can be itemized receipts or invoices, which must show the date of service, the provider’s name, a description of the service or product, and the amount charged. Alternatively, you can provide an Explanation of Benefits (EOB) from your insurance company, detailing what was covered and what you owe.
If your claim is denied, you will receive a notification explaining the reason, which could be due to ineligible expenses, insufficient documentation, or expenses incurred outside the plan year. In this situation, you have the option to resubmit the claim by providing additional information or correcting any errors. If you believe the denial was incorrect, you can also follow your plan’s appeal process.
If enrolled in an HDHP and contributing to an HSA, you can contribute to a Limited Purpose FSA (LPFSA) for dental and vision expenses. By coordinating benefits, you can use LPFSA funds for eligible expenses, preserving HSA funds for other purposes or future use.
No, IRS regulations do not permit transferring funds between different FSAs or to another individual’s FSA. Each account is individually owned and managed according to specific plan rules.
Upon retirement, unused funds are typically forfeited unless you elect COBRA coverage. You may submit claims for eligible expenses incurred before your retirement date during the run-out period. Electing COBRA benefits may allow you to continue FSA participation temporarily by making contributions after taxes - but check with your employer for eligibility.
During a paid leave, contributions will continue via payroll deductions and access to funds remains unchanged. During an unpaid leave, contributions may be paused or require direct payments and access to funds may be suspended until you return. Policies vary, so consult your employer’s human resources department.
Upon leaving your employer, unused funds are typically forfeited unless you elect COBRA continuation coverage. You may have a limited time to submit claims for expenses incurred before your termination date. COBRA allows you to continue participating in the FSA by making after-tax contributions, which can be beneficial if you have a significant remaining balance and anticipate upcoming eligible medical expenses. However, this option is often considered less cost-effective due to the after-tax nature of the contributions.
A Dependent Care Flexible Spending Account (DCFSA) is an employer-sponsored benefit that allows you to set aside pre-tax dollars to pay for eligible dependent care expenses. This helps reduce your taxable income while covering the costs of care for eligible dependents.
Eligibility is typically extended to employees whose employers offer an FSA as part of their benefits package. Most full-time employees can participate, but some employers also extend eligibility to a broader workforce. Review your employer’s specific plan details to determine eligibility criteria.
The main benefits include tax savings by reducing your taxable income and helping you budget for dependent care expenses throughout the year.
Enrollment usually takes place during your employer’s annual open enrollment period. To enroll, estimate your annual dependent care expenses and complete the enrollment process as directed by your employer.
The maximum annual contribution to a Dependent Care FSA is typically $5,000 per household, or $2,500 if you are married and filing separately. These limits are set by the IRS and may be adjusted annually for inflation. It’s important to reference your employer’s plan to confirm the current contribution limits, as they may have specific rules or caps in place.
Changes to your contribution amount are generally not allowed until the next open enrollment period unless you experience a qualifying life event, such as a change in marital status, the birth or adoption of a child, or a change in employment status. Any changes must be consistent with the life event and usually need to be made within 30 days of the event.
Yes, if your child turns 13 during the plan year and is no longer eligible for dependent care expenses, you may be allowed to adjust your DCFSA election. This qualifies as a life event, and you must request the change within a specific time frame, typically within 30 days of your child’s 13th birthday. Check your employer’s plan rules for the exact process and requirements.
DCFSA funds are subject to the “use-it-or-lose-it” rule, meaning any unused funds at the end of the plan year may be forfeited. Some employers may offer a grace period for additional expenses; check your plan for details.
A grace period is an optional extension of up to 2.5 months after the plan year ends, during which you can incur new eligible expenses and use unspent FSA funds. Not all employers offer a grace period, so verify with your employer’s plan summary.
You can either use a Dependent Care FSA or claim the Dependent Care Tax Credit on your individual tax return, but you cannot claim both for the same expenses. If you participate in a DCFSA, the amount you contribute will reduce the expenses eligible for the tax credit. You may still be able to claim the tax credit for expenses that exceed the amount reimbursed through your DCFSA, up to the IRS limit. It is advisable to consult with a tax professional to determine which option or combination is most beneficial for your financial situation.
Eligible expenses include daycare, after-school programs, summer day camps, and in-home care provided by a nanny for children under 13, or care for a spouse or dependent who is physically or mentally unable to care for themselves.
Yes, adult care can be eligible for reimbursement under a DCFSA if it is for a spouse or dependent who is physically or mentally unable to care for themselves. The care must be necessary for you (and your spouse, if married) to work or look for work. Eligible expenses include adult daycare centers, in-home care, and services provided by a caregiver who is not your dependent.
No, expenses for schooling (including kindergarten and private school tuition) do not qualify, but care provided before and after school can be eligible.
No, overnight camps are not considered eligible expenses. Only day camps qualify for reimbursement under a DCFSA.
Yes, but only if the family member is not your spouse or a dependent. Care provided by someone under the age of 19 or by a dependent of yours is not eligible for reimbursement.
Funds are accessed by submitting claims for eligible expenses. Reimbursements are made as contributions are deducted from your paycheck and added to your DCFSA balance.
Claims can be submitted through:
• Online Portal: Upload scanned receipts and fill out claim forms electronically.
• Mobile App: Take photos of receipts and submit claims directly from your smartphone.
• Email: Send claim form with supporting documents to claims@malloybanks.com
• Mail: Send physical copies of claim forms and receipts to MB Claims, PO Box 458, Cedar City, UT 84721
Claims must include receipts or invoices showing the date(s) of service, provider’s name, type of service provided, and the amount charged.
If your claim is denied, you will receive a notification explaining the reason, which could be due to ineligible expenses, insufficient documentation, or expenses incurred outside the plan year. In this situation, you have the option to resubmit the claim by providing additional information or correcting any errors. If you believe the denial was incorrect, you can also follow your plan’s appeal process.
No, IRS regulations do not allow the transfer of unused funds between different Dependent Care FSAs or to another person’s DCFSA. Each DCFSA is individually owned and managed according to the specific plan rules set by your employer.
Upon retirement, any unused funds in your DCFSA are typically forfeited. You can submit claims for eligible expenses incurred before your retirement date during the run-out period. Review your employer’s plan details to understand the specific rules that apply.
During a paid leave, contributions to your DCFSA will continue through payroll deductions, and access to funds remains unchanged. If you take an unpaid leave, contributions may be paused, and access to your DCFSA funds could be restricted until you return. Policies regarding leave of absence vary, so consult your employer’s human resources department for specific guidance.
If you change jobs or leave your employer, unused funds in your DCFSA are usually forfeited. Unlike healthcare FSAs, Dependent Care FSAs are not subject to COBRA continuation coverage. You may still have a limited time to submit claims for expenses incurred before your termination date, so check your employer’s plan rules for specific deadlines.
A Limited Purpose Flexible Spending Account (LPFSA) is an employer-sponsored benefit that allows you to set aside pre-tax dollars to pay for eligible dental and vision expenses. It is designed to be used alongside a Health Savings Account (HSA) for individuals enrolled in a High Deductible Health Plan (HDHP).
Eligibility generally extends to employees whose employers offer an LPFSA as part of their benefits package and who are enrolled in an HSA-compatible HDHP. Check your employer’s specific plan details for eligibility requirements.
Benefits include tax savings by reducing your taxable income and preserving HSA funds for broader medical expenses or future use. The LPFSA allows you to cover dental and vision expenses without affecting your HSA.
Yes, you can contribute to both an LPFSA and an HSA in the same year. The LPFSA covers dental and vision expenses, allowing you to reserve your HSA for other qualified medical expenses.
Enrollment typically occurs during your employer’s annual open enrollment period. You will need to estimate your dental and vision expenses for the upcoming year and complete the required forms as directed by your employer.
The IRS sets annual contribution limits for LPFSAs, which can change due to inflation adjustments. Employers may also set specific limits within their plans. Verify the current maximum contribution with your employer.
Generally, you cannot change your contribution amount until the next open enrollment period. However, exceptions are made for qualifying life events such as marriage, divorce, or the birth or adoption of a child. Any change must be consistent with the event and typically needs to be made within 30 days.
Funds remaining in your FSA at the end of the plan year may be subject to forfeiture, referred to as the “use-it-or-lose-it” rule. However, many employers provide options to help you make the most of your funds, such as a grace period for additional expenses or the ability to carry over a portion of the balance into the next plan year. Be sure to review your employer’s plan to understand what options are available to you.
Yes, if your plan offers a grace period, you can incur new expenses during that time and use leftover funds. Additionally, you can submit claims for expenses incurred during the plan year up until the end of the run-out period.
An FSA rollover, also known as a carryover, allows you to transfer a portion of unused funds into the next plan year. This option is at the employer’s discretion and cannot be combined with a grace period. The rollover amount does not impact the maximum contribution limit for the new plan year.
A grace period is an optional extension of up to 2.5 months after the plan year ends, during which you can incur new eligible expenses and use unspent FSA funds. Not all employers offer a grace period, so verify with your employer’s plan summary.
Funds remaining in your FSA at the end of the plan year may be subject to forfeiture, referred to as the “use-it-or-lose-it” rule. However, many employers provide options to help you make the most of your funds, such as a grace period for additional expenses or the ability to carry over a portion of the balance into the next plan year. Be sure to review your employer’s plan to understand what options are available to you.
The deadline, or “run-out period,” is the time frame after the plan year ends during which you can submit claims for expenses incurred during that year. This period typically ranges from 60 to 90 days but varies by employer.
No, only expenses incurred during the active plan year and after your effective date of enrollment are eligible. Expenses incurred prior to enrollment or after termination of employment are not eligible.
Contributions to an LPFSA are made with pre-tax dollars, which reduces your taxable income. Because the tax benefit is realized upfront, you cannot deduct these contributions on your individual tax return.
You can access your LPFSA funds by using your Malloy Banks debit card which is linked directly to your pre-tax benefits accounts, allowing you to pay for eligible expenses at the point of sale; or by paying for eligible expenses out-of-pocket and then submitting a claim to Malloy Banks for reimbursement.
When you have both a Malloy Banks LPFSA and a Malloy Banks HSA, your debit card is programmed to automatically draw from your LPFSA first for qualifying dental and vision expenses. This ensures that funds in your LPFSA are used before tapping into your HSA, helping preserve your HSA funds for broader medical expenses or long-term savings.
Claims can be submitted through:
• Online Portal: Upload scanned receipts and fill out claim forms electronically.
• Mobile App: Take photos of receipts and submit claims directly from your smartphone.
• Email: Send claim form with supporting documents to claims@malloybanks.com
• Mail: Send physical copies of claim forms and receipts to MB Claims, PO Box 458, Cedar City, UT 84721
Yes, submitting itemized receipts is required to process claims for reimbursement. When using your Malloy Banks debit card, it is recommended you maintain copies of receipts, in case you are be asked to provide documentation for certain transactions to ensure compliance.
To submit a claim, you need to include certain documentation along with your completed claim form. This can be itemized receipts or invoices, which must show the date of service, the provider’s name, a description of the service or product, and the amount charged. Alternatively, you can provide an Explanation of Benefits (EOB) from your insurance company, detailing what was covered and what you owe.
If your claim is denied, you will receive a notification explaining the reason, which could be due to ineligible expenses, insufficient documentation, or expenses incurred outside the plan year. In this situation, you have the option to resubmit the claim by providing additional information or correcting any errors. If you believe the denial was incorrect, you can also follow your plan’s appeal process.
Eligible expenses include dental procedures such as cleanings, fillings, and orthodontics, as well as vision expenses like eye exams, prescription glasses, contact lenses, and cleaning solutions.
No, cosmetic procedures that are not medically necessary, such as teeth whitening or elective vision surgeries, are generally not eligible for reimbursement.
Upon retirement, unused funds are typically forfeited unless you elect COBRA coverage. You may submit claims for eligible expenses incurred before your retirement date during the run-out period. Electing COBRA benefits may allow you to continue FSA participation temporarily by making contributions after taxes - but check with your employer for eligibility.
During a paid leave, contributions continue through payroll deductions, and access to funds remains unchanged. For unpaid leave, contributions may be paused, and access to funds may be restricted until you return. Consult your employer’s HR department for details.
Upon leaving your employer, unused funds are typically forfeited unless you elect COBRA continuation coverage. You may have a limited time to submit claims for expenses incurred before your termination date. COBRA allows you to continue participating in the FSA by making after-tax contributions, which can be beneficial if you have a significant remaining balance and anticipate upcoming eligible medical expenses. However, this option is often considered less cost-effective due to the after-tax nature of the contributions.
A Commuter Spending Account (CSA) is an employer-sponsored benefit that allows employees to set aside pre-tax dollars to pay for eligible transportation and parking expenses related to commuting to and from work. By contributing to a CSA, you can reduce your taxable income and save on transportation costs.
Yes, the transportation account and parking account are two separate accounts. Funds contributed to one account cannot be used for expenses covered by the other. Ensure you allocate your contributions based on your expected expenses for each type of account.
Eligibility for a CSA typically extends to employees whose employers offer this benefit as part of their compensation package. Participation may vary, so review your employer’s specific plan details to determine eligibility.
Benefits include tax savings, as contributions lower your taxable income. CSAs help you budget for transportation and parking expenses more effectively throughout the year.
Yes, if your employer contributes to your commuter account (whether for transportation or parking), the combined total of your contributions and your employer’s contributions cannot exceed the IRS allowances. This means you need to account for any employer contributions when deciding your own pre-tax election amounts
Enrollment typically takes place during your employer’s open enrollment period, but it may also be available year-round if your commuting needs change and your employer’s plan permits it. To enroll, estimate your commuting expenses, decide on your contribution amount, and follow your employer’s specific procedures.
Unused funds typically roll over to the next plan year. Verify with your employer’s plan summary for specific details.
Generally, changes can be made to your CSA contributions at any time due to the monthly nature of commuting expenses. Confirm with your employer’s plan rules for any restrictions or conditions.
No, contributions are made with pre-tax dollars, reducing your taxable income upfront, so you cannot deduct these contributions on your tax return.
Funds can be accessed using a pre-loaded commuter benefits card or through reimbursement after incurring eligible expenses. Check with your employer for specific methods available to you.
Yes, if your commuter card can be used directly at transit agencies and parking facilities that accept card payments for eligible services.
Yes, your Commuter Card allows you to directly load pre-tax funds onto transit agency cards, such as the Clipper Card in San Francisco or the Charlie Card in Boston. This can be done by linking your Commuter Card to your chosen transit agency’s payment system.
When you elect multiple pre-tax benefits with Malloy Banks, such as an FSA, HSA, and CSA, all of your funds will be conveniently loaded onto the same card. This means you won’t need multiple cards to access your different accounts. The single card is designed to automatically apply the correct benefit account based on the type of expense being processed, making it easier for you to manage your pre-tax funds.
Note: some employers may choose to separate commuter cards form other pre-tax benefits. Refer to your employer’s plan details for confirmation.
Claims can be submitted through:
• Online Portal: Upload scanned receipts and fill out claim forms electronically.
• Mobile App: Take photos of receipts and submit claims directly from your smartphone.
• Email: Send claim form with supporting documents to claims@malloybanks.com
• Mail: Send physical copies of claim forms and receipts to MB Claims, PO Box 458, Cedar City, UT 84721
For commuter account claim submissions, you need itemized receipts or invoices showing the date of service, the provider’s name, a description of the service, and the amount charged. Include these with your completed claim form to ensure smooth processing.
If your claim is denied, you will receive a notification explaining the reason, which could be due to ineligible expenses, insufficient documentation, or expenses incurred outside the plan year. In this situation, you have the option to resubmit the claim by providing additional information or correcting any errors. If you believe the denial was incorrect, you can also follow your plan’s appeal process.
Eligible transit expenses include the cost of bus, train, subway, and ferry passes, as well as fees for vanpools that meet IRS criteria, such as vehicles that seat at least six adults excluding the driver and are used primarily for commuting to and from work.
The Parking Account covers parking expenses incurred at or near the workplace or at locations from which you commutes to work via public transportation. This can include parking garages, parking lots, or metered spaces.
No, CSA funds cannot be used for rideshare services like Uber or Lyft, including their UberX Share and Lyft Share programs. These services do not meet IRS eligibility requirements for qualified commuter expenses. Additionally, these rideshare companies do not currently support pre-tax payment for commuter benefits.
No, tolls, fuel, and general car maintenance are not covered under a CSA.
If your commuting needs change and your employer’s plan allows, transferring unused funds between your transportation and parking accounts is permitted. This option depends on the specifics of your employer’s plan, so make sure to confirm if this flexibility is available.
When you retire, unused commuter funds are usually forfeited, as these benefits are meant for active employees. To avoid losing unused funds, plan your contributions carefully by reviewing your commuting expenses regularly and adjusting your contributions if needed. Check with your employer’s plan for any specific details or exceptions.
Typically, unused funds are forfeited upon leaving your employer, as CSAs are employer-specific. Some plans may allow access to funds for expenses incurred before your departure date; consult your plan for details.
If you take a paid leave of absence, contributions to your commuter account will typically continue through payroll deductions, and access to your funds will remain unchanged. However, during an unpaid leave, contributions may be paused, and access to your account could be temporarily suspended until you return to work. Policies can vary, so it’s important to check with your employer’s human resources department for specific details regarding your plan.