Flexible Spending Accounts
Leidos offers eligible participants the opportunity to save money by paying for eligible health care and/or dependent day care expenses on a pre-tax basis through the Health Care Flexible Spending Account and the Dependent (Day) Care Flexible Spending Account. A participant may make contributions to one or both Flexible Spending Accounts, which can reduce his or her tax liability. Participation in a Flexible Spending Account program is voluntary. For more information, download the Flexible Spending Accounts document.
The Leidos Flexible Spending Accounts are administered by HealthEquity. Participants may log onto HealthEquity to submit verification, order additional healthcare debit cards, file a claim, check claim status or account balance information.
- Must enroll annually — Participants must enroll during each Open Enrollment period in order to participate each calendar year.
- No double dipping — Health care expenses reimbursed through the Health Care Flexible Spending Account and dependent care expenses reimbursed through the Dependent (Day) Care Flexible Spending Account cannot also be deducted on federal income tax returns.
- No transferring of funds — Transfers of funds from the Health Care Flexible Spending Account to the Dependent (Day) Care Flexible Spending Account and vice versa are not permitted per the IRS.
- Use it or lose it — Estimate annual dependent (day) care expenses carefully! Any money put aside in a Flexible Spending Account must be used for eligible expenses incurred between January 1 and December 31 (or during the period of plan participation). The deadline to submit claims for the previous year's expenses is April 30th of the following year. Any funds left in the account after April 30th will be forfeited.
- Carry-Over Provision — IRS regulations specify that an employer may choose to provide a carry-over of unused Health Care FSA funds to the next plan year. For the 2024 Plan Year, Leidos allows active participants to carry over up to $610 of unused funds into 2025 to be reimbursed for qualified medical expenses incurred in the following Plan Year. Any unused funds in excess of the carryover will be forfeited after the April 30th deadline to submit claims for the previous Plan Year.
- Credit Balance at End of Coverage Period — Claims received by the Plan Administrator on or after the earlier of (a) 90 days after termination of employment, or (b) April 30 following the end of the Plan Year for expenses incurred during the prior Plan Year, will be considered untimely and not eligible for reimbursement under the Plan. If any balance remains credited to the Participant’s Health Care FSA after all reimbursements are made for that Plan Year, such balance in excess of $610 for 2023 or 2024 is not carried over to reimburse the Participant for Qualifying Medical Care Expenses incurred during the subsequent Plan Year, and is not available to the Participant in any other form or manner. Instead such balance remains the property of Leidos and the Participant forfeits all rights with respect to such balance.
- Continuation of Coverage — Participants who would lose coverage under the Health Care FSA as a result of a qualifying life event can elect, within a stated election period, continuation of coverage of benefits previously received under the Health Care FSA. If a participant timely elects continuation of coverage under COBRA, the benefits elected will be available for the time period prescribed by law (i.e., the end of the Plan Year).