Flexible Spending Account
The Postal Service offers Flexible Spending Accounts (FSA) to their employees. The FSA program is administered by United Healthcare for the United States Postal Service. There are a number of ways or portals by which Postal employees can enroll in FSA (Flexible Spending Account) during open season which generally runs from mid- November to the latter part of December with a grace period of approximately 2 1/2 months for those who are still participating as of the end of December or December 31, 2014.
Postal employees can use PostalEASE to enroll in the Flexible Spending Account Program. They may call the Employee Service Line toll-free at (877) 477-3272 and press option 1. They may also use an employee self-service Kiosk and choose PostalEASE to enroll. Postal employees have the option of going to LiteBlue and choosing PostalEASE. They can also choose the ‘Essential Links’, and click PostalEASE at your LiteBlue account.
Only career employees may participate in the Postal Service’s FSA program. To qualify the employee must have completed a minimum of 26 pay periods of Postal Service by the end of the pay period of the year in which participation is requested. If an employee has been in a Leave Without Pay Status (LWOP) lasting for 8 consecutive full pay periods as of mid-December of the current year, then the employee is not eligible to participate in the FSA program. The only exception is that the employee is returning from military service.
Postal Employees are offered two FSA programs – the Health Care FSA and the Dependent Care FSA. Annual contributions are limited to $2500 for the Health Care FSA. The contributions are limited to $5,000 for a family and $2500 for a married employee who files separately for the Dependent Care FSA.
Contributions are withheld via payroll deduction covering 26 pay periods in equal amounts. Employees may make a minimum contribution of $5 per period to either of their Flexible Spending Accounts. Employees may not change contributions amounts or cancel enrollment during the plan year except for certain qualifying life events.
Although Flexible Spending Accounts do not transfer in retirement, they are a sound way of managing money and resources during the work career. Many families find them especially useful when they are growing their families and may have unexpected medical expenses and child care expenses. Every family and every situation is unique. Find the situation that best fits you and your family and start building for a successful and secure retirement future.
P. S. Always Remember to Share What You Know.
RELATED TOPICS – More Federal and Postal Insurance Information