Our health benefits, programs and resources can help you and your family members lead healthy lives, practice prevention and keep illness at bay.
You can contribute pre-tax money each year (up to certain IRS limits) to a Health Care Flexible Spending Account (HCFSA) for reimbursement of eligible health care expenses. Keep in mind, all eligible expenses must be incurred between Jan. 1 and Dec. 31 of the plan year for which you elected the FSA; or the effective date of your HCFSA if elected after Jan. 1 due to being newly eligible. Consult IRS Publication 502 for details.
FSAs can help you save money on your taxes by allowing you to use pre-tax dollars to pay for eligible expenses.
You can use the HCFSA to pay for eligible expenses not covered by your medical, dental, or vision plans. For example, deductibles, copays, coinsurance, and other medical expenses not covered by your health plan, such as orthodontia, eyeglasses, contact lenses or laser vision surgery.
All eligible expenses must be incurred between Jan. 1 and Dec. 31 of the plan year for which you elected the FSA and while you are covered under the HCFSA:
Remember to save all of your receipts. It will help you determine how much money to allocate to your FSA for the following year. You will also need them if you are ever asked to substantiate expenses purchased with your Wage Works debit card. Go to Wage Works to file claims and for more information.
See the annual enrollment guide for contribution.
Employees with an HSA may also have a limited-purpose Health Care Flexible Spending Account (HCFSA). A limited-purpose HCFSA works with the HSA to help you increase your tax-free savings and maximize your HSA savings potential. You can be reimbursed from your limited-purpose HCFSA for qualified dental and vision expenses (e.g., teeth cleanings, prescription glasses, contact lenses, etc.).
Visit NetBenefits for more information.
Note: Federal law prohibits employees from establishing and contributing to an HSA and participating in a general-purpose HCFSA at the same time, including if your spouse has a general-purpose HCFSA.
IMPORTANT: If you elect an HCFSA and enroll in a High Deductible Health Plan and establish an HSA though Fidelity, your HCFSA will automatically be a limited-purpose HCFSA.
For more basics on FSAs, review the Quick Start Guide.