A Flexible Spending Account (FSA) is a special account you put money into that you use to pay for certain out-of-pocket health care and dependent care costs. When you enroll, you decide how much of your pay should be saved into one or both of the accounts. Transocean takes that amount out before any taxes are paid, thus reducing your taxable income and lowering your taxes.
There are two different types of Healthcare Flexible Spending Accounts depending on which Transocean Medical Plan you choose. If you choose the PPO, you would use the Healthcare FSA. If you choose a HSA Medical Plan, you would use the Limited Purpose Healthcare FSA.
Healthcare FSA
For PPO Plan Participants
You can use this FSA to reimburse yourself for any healthcare costs you pay out of your own pocket, like deductibles, coinsurance and other costs not covered by your Medical, Dental or Vision Plan.
Use your Healthcare FSA to pay for your family's costs too.
- Set aside $240 to $3,200 each calendar year.
- You have until 31 December to use your current year Healthcare FSA. Claims must be submitted by 31 March of the following plan year. Leftover FSA dollars are forfeited.
- When you use network providers, UnitedHealthcare will automatically reimburse you from your account for out-of-pocket expenses.
- You must have a prescription to claim expenses for over-the-counter medicines. There are certain exceptions. Visit the IRS website to learn more.
- You don't have to be enrolled in other Transocean benefits to use the Healthcare FSA.
- The Internal Revenue Service has strict rules about eligible dependents and eligible costs. Learn more.
Limited Purpose Healthcare FSA
For HSA Plan Participants
This FSA is for people who enroll in the Health Savings Account Basic or Health Savings Account Plus medical options. The money set aside in this FSA can only be used for dental and vision costs. You would use your Health Savings Account for your medical expenses.
The Limited Purpose Flexible Spending Account (FSA) works just like the Healthcare FSA, except it can only be used for dental and vision expenses.
- Set aside $240 to $3,200 each calendar year.
- You have until 31 December to use your current year Limited Purpose FSA. Claims must be submitted by 31 March of the following plan year. Leftover FSA dollars are forfeited.
- When you use network dentists or eye doctors, UnitedHealthcare will automatically deduct your out-of-pocket expenses from your Limited Purpose FSA.
- You don't have to be enrolled in other Transocean benefits to use the Limited Purpose FSA.
- The Internal Revenue Service has strict rules about eligible dependents and eligible costs. Learn more.
Healthcare Claims
You can be reimbursed for healthcare received through 31 December of the current year. Your deadline to submit claims is 31 March of the following year.
Dependent Care FSA
This FSA is used to reimburse yourself for day care or day camp for children up to age 13, elder care, or other expenses you pay because both you and your spouse work, your spouse goes to school full-time or your spouse isn't mentally or physically able to care for himself or herself.
- Set aside $240 to $5,000 each calendar year (if you and your spouse file separate tax returns, the maximum is $2,500).
- You have until 31 December to use your current year DependentCare FSA. Claims must be submitted by 31 March of the following plan year. Leftover FSA dollars are forfeited.
- The Dependent Care FSA is not for healthcare costs. Put medical care dollars in your Healthcare FSA or Health Savings Account.
- The Internal Revenue Service has strict rules about eligible dependents and eligible costs. Learn more.
If you have dependents, you can pay for certain expenses with tax-free dollars. The Dependent Care FSA is not for healthcare costs. Put medical care dollars in your Healthcare FSA or Health Savings Account.
When you enroll, you decide how much of your pay should be saved into one or both of the accounts. Transocean takes that amount out before any taxes are paid, thus reducing your taxable income and lowering your taxes.
Dependent Care Claims
You can be reimbursed for dependent care received through 31 December of the current year. Your deadline to submit claims is 31 March of the following year.
Submitting Claims
To receive reimbursement from your FSA, you'll need to submit a valid receipt for services received and a claim form to UHC. Log onto www.myuhc.com to review your FSA balance, monitor claim reimbursements and set up Electronic Funds Transfer (EFT), which will allow UHC to deposit your reimbursement into your bank account. If eligible, healthcare claims for in-network providers can be filed automatically. Claims may also be filed directly through www.myuhc.com.
Eligible Expenses Under FSAs
The Internal Revenue Service has strict rules about who qualifies as an eligible dependent and what care is eligible for reimbursement. For details, speak with your tax advisor. You can also visit the IRS website or call the IRS at +1 800 829 3676 to download/request IRS Publication 502 for healthcare expenses and/or IRS Publication 503 for dependent care expenses.
