Flexible Spending Account (FSA)
The Flexible Spending Account (FSA) program administered by WageWorks allows you to contribute tax-free dollars from your wages to a Healthcare FSA to pay for qualified healthcare expenses and/or a Dependent Care FSA for dependent (daycare) expenses.
Eligibility:
- All permanent employees are eligible to enroll.
- You do not need to be enrolled in the medical plans to participate in an FSA program.
- View Eligible Expenses
FSA Programs:
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Dependent Care FSA (DC FSA) |
The Healthcare FSA helps employees save money on out-of-pocket health care expenses for eligible medical, dental and vision services that are not fully covered under the health care plan, such as copays, deductibles, and coinsurance that they and/or their eligible dependents incur.
Minimum/Maximum Election for January 1 through December 31 |
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*Increased from $2,550 for 2017
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The Dependent Care FSA helps employees pay for child care services that make it possible for the employee and spouse (if applicable) to work. Under certain circumstances, it also may be used to help pay for the care of elderly patients.
Minimum/Maximum Election for January 1 through December 31 |
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Maximum |
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Important Notice for Choice Plus Health Savings Account (HSA) Participants only:
Due to IRS requirements, your HSA Account is used for qualifying tax-free medical expenses. If you elect to participate in the FSA, you must use the FSA funds first for your dental and vision expenses. Once the FSA funds are exhausted, then you may use your HSA account to pay for additional dental and vision expenses as well as medical expenses. Vice versa, if you meet the HSA deductible (family deductible if more than one person in plan), then you can use your FSA to pay for not only vision and dental, but medical expenses. Once you provide your Explanation of Benefits showing you have met the deductible, WageWorks converts the limited FSA to the standard FSA. |
FAQs on Healthcare FSA:
Should I participate?
- If your predictable expenses add up to at least $260 in a calendar year, you may save up to 25% by participating in the Healthcare FSA.
- Use the FSA Healthcare Expense Savings Worksheet to calculate your calendar year health expenses.
- Use the Healthcare FSA Calculator to estimate your savings.
- Include only predictable expenses because if your expenses do not total your election amount at the end of the year, only up to $500 of your unused Healthcare FSA election amount will roll over to the next year. The remainder of unused funds will not be returned to you.
Why would I want to have money deducted from my paycheck at the same time I'm incurring an expense and then submit receipts just to get that money back again?
For only one reason - You save money on your out-of-pocket expenses by paying for them with pre-tax dollars.
How do I know if my expenses qualify for reimbursement?
To find out if an expense qualifies for reimbursement, view Eligible Expenses, visit the FSAStore.com or contact WageWorks toll-free at (877) 924-3967.
When do I submit receipts for my expenses?
- You may pay for your expenses by cash, check, or credit card and submit your receipts for reimbursement. Go to www.WageWorks.com to print a Reimbursement Form.
- You may also use your WageWorks debit card to pay for your health care expenses. Many of WageWorks debit card payments are auto-substantiated, meaning you do not have to submit a receipt. However, retain your receipts in case WageWorks requests them later to substantiate an FSA debit card payment.
- Finally, you may arrange to have WageWorks pay your provider on a regular basis.
Can I use my FSA funds for over-the-counter items?
- Over-the-counter medications such as pain relievers or cough syrup may only be reimbursed with Flexible Spending Account funds with a doctor’s prescription.
- Over-the-counter items that are not medications, such as band-aids or humidifiers, do not require a prescription for reimbursement. View Eligible Expenses or visit the FSAStore.com to find eligible expenses.
Do I have to spend all of my Healthcare FSA funds each year or can I carry over some funds to the next year?
You may carry over up to $500 of your unused Healthcare FSA balance at the end of a plan year. Please note that the carryover rule is changing effective January 1, 2017, and if you don’t enroll in the FSA For two consecutive years, unspent funds will be forfeited.
Do I have to make a new election each year to participate in FSA for the next calendar year?
Yes. Because needs can change from year to year, during Annual Enrollment, employees who wish to participate in the FSA must complete a new election.
What will I find on the WageWorks website?
Go to www.WageWorks.com to manage your account. Information includes:
- Current claim status information
- Which reimbursements have been made and when they were paid
- How much money is left in your account(s)
- Claim form for faxing or mailing receipts for reimbursement
- WageWorks webinar explaining how claims are processed and when and why receipts are requested
- Eligible Expenses
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