Health Care Flexible Spending Account
You can use a Health Care Flexible Spending Account (FSA) to pay for eligible medical expenses not covered by your medical benefits for yourself, your spouse, and your dependents.
$550 Rollover for Health Care FSA:If you're a Health Care Flexible Spending Account (FSA) participant, you can roll over up to $550 (available in Nov) of unused funds in your account to the following plan year. It will not be available until early February because of the extended grace period to incur expenses through 12/31/2020.
You can’t withdraw money from an FSA for anything except eligible reimbursements, so it’s important to estimate your expenses carefully. The maximum amount you can contribute is:
- $2,750 for full-time employees
If your spouse is also employed by the University, he or she can participate separately and contribute up to his/her allowable maximum.
If you are in the Aetna High Deductible Health Plan, you’re not eligible to participate in a Health Care FSA.
Forfeitures and the Rollover
Up to $550 of unused money in your Health Care FSA automatically rolls over to the following plan year. It will not be available until early February because of the extended grace period to incur expenses through 12/31/2020. However, you will forfeit any remaining balance over $550 so be sure to estimate your expenses carefully.
Rolling over funds does not change the maximum amount you can contribute for the following plan year.
If you change medical plans to the Aetna High Deductible Health Plan (HDHP) with Health Savings Account (HSA), it’s important to note that you can’t participate in both a Health Care FSA and an HSA at the same time.
Eligible expenses are generally those that the Internal Revenue Service would consider deductible for income tax purposes. You can claim eligible expenses up to your annual election amount even if you haven’t yet contributed the full amount of the expenses to your account.
For detailed list of eligible expenses please log in to your Wageworks FSA account.
The money you contribute to your FSA during each plan year can only be used for eligible expenses incurred within certain dates. The expenses must be incurred while you’re actively participating in the accounts. Learn how to claim reimbursement for your eligible expenses, including deadlines for incurring expenses and submitting claims.
Health Care FSA Debit Card
You can use the Health Care FSA Debit Card as a reimbursement option for your eligible expenses. The card is a convenient tool that can help you maximize your FSA benefit. Just like your bank debit card is linked to your checking or savings account, your FSA Debit Card is linked directly to your FSA account. That means you don’t have to pay for expenses with out-of-pocket money, and there’s no need to file a paper claim. However, it’s important to save your receipts since you may need to produce them for an audit. Some purchases and healthcare services require substantiation.
Visit the Spending Account Knowledge Center for more details.