Tax Advantage Accounts
Health Care Flexible Spending Account
How to Access Your Funds
- Debit Card: Bank of America will issue a Visa debit card. You can use your debit card for expenses at most pharmacies and physician offices. In order to use your debit card for the first time, you must activate it. The number to call is 1-800-963-2071. You can request another debit card at no cost by contacting Bank of America.
- Online Banking: Bank of America offers online banking features for participants.
Preview Bank of America's website and reimbursement flash video.
Amount Available for Reimbursement
Your total annual health care contributions are available to be reimbursed at any time during the year. For example, if your claims exceed the balance in your health care spending account, you will be reimbursed up to the total amount you have elected to deposit for the year, regardless of the amount you have contributed at the time you submit your claim. Save your receipts. You may have to show the IRS the expense was qualified.
Accessing the Funds in Your Health Care FSA
After you elect a tax advantage account, Bank of America will send you a Welcome Kit which provides simple instructions for setting up your online account and establishing a user ID and password.
FSA: Use It or Lose It
Tax advantage accounts have certain tax advantages. Therefore, the IRS regulates all tax advantage accounts. 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 website for the complete list of qualified 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.