Health Care Spending Account
The Health Care Spending Account allows you to pay for eligible health care expenses with pre-tax dollars. Health Care Spending Account contributions are taken directly from your pay before federal, most state and city income and social security taxes are deducted.
This account is a use it or lose it account. Unused Health Care Spending account contributions are granted a 2 and ½ month grace period immediately following the end of the plan year to incur expenses in order to utilize unused balances as of December 31st. This means participants will have until March 15 of the following year to use the benefits of contributions for the plan before those amounts are forfeited under the use-it-or-lose-it rule. You must be a participant in the plan through the end of the current plan year to be eligible to use the 2 and 1/2 month grace period in the following year. Claims incurred during the plan year and during the grace period can be submitted up until the run out period of March 31.
How does Flexible Spending Accounts (FSA) save me money?
- Flexible Spending Accounts lets you set aside money for eligible health care expenses and dependent care costs you think you’ll have next year.
- The money comes out of your paycheck before taxes are deducted, which leads to all those big savings.
- The maximum for the plan year is $2,700.00 and a minimum of $200.00 to cover allowable, health care expenses.
- Health Care Flexible Spending Accounts can save you money if you:
- have co-pays, deductibles, or coinsurance for medical, dental, or vision plans
- purchase prescriptions
- wear glasses or contacts, or plan to have laser eye surgery
- receive orthodontia treatments, like braces
- If you use your WageWorks card to pay for eligible medical expenses, you will likely have little or no claim forms to complete.
Each year you are required to make a new election for the following year. You must enroll (or re-enroll) in the Health Care Spending Account (HCSA) for the current Plan year by completing online enrollment and indicating how much of your salary you would like to set aside on a pre-tax basis to pay for eligible expenses, not reimbursed by any other health care plan (medical, dental, eye glasses ,etc.).Your election for the Health Care Spending Account is only effective for one year.
To receive reimbursement from the Health Care Spending Account, you need to log in to your WageWorks spending account website. If you are a new user click on “New Users – Register Here” and follow prompts.
WageWorks Visa Debit Card can still be used until the expiration date on the card.