Flexible Spending Accounts :
Flexible Spending Accounts Administered by Wage Works
Significant cost savings for health care and dependent care expenses through pre-tax payroll deductions.
Plan wisely…you are only reimbursed for actual expenses incurred. Don’t over estimate.
REMINDER: You will have until March 15, 2012 to spend all of your 2011 allocation. Reimbursements must be submitted no later than March 31, 2012.
Flexible Spending Accounts :
Flexible Spending Accounts Health Care FSA (HCFSA)
Minimum contributions of $120 per year
Maximum contribution of $5,000 per year
Debit Visa Card which allows for eligible expenses to be paid at point of service. Spouse card is also available.
Total amount you elect to contribute to this account can be used immediately if you have health care expenses that qualify for reimbursement
Important to keep receipts, as WageWorks will request verification of purchases, per IRS regulations
Exception: if your card is used at IIAS pharmacy no substantiation will be required
Flexible Spending Accounts :
Flexible Spending Accounts Health Care FSA (HCFSA)
Examples of eligible expenses:
Prescription copays
Deductibles, copays, coinsurance
Dental expenses
Vision expenses
Note: beginning in 2011 some over the counter medicines are no longer covered unless you have a prescription
Flexible Spending Accounts :
Flexible Spending Accounts Health Care FSA (HCFSA) – Limited Purpose Account
You can still utilize your Health Care FSA even if you participate in the HSA but there are rules!
Limited availability for medical expenses
Can be used for medical expenses once the deductible has been met
Can be used for out of pocket vision, dental and orthodontia expenses not covered by the plan
Health Savings Account vs. Health Care FSA :
Health Savings Account vs. Health Care FSA
Flexible Spending Accounts :
Flexible Spending Accounts Dependent Care FSA (DCFSA)
Minimum contribution of $120 per year
Maximum family contribution of $5,000/year
Reason for expense: to work or be a full-time student
Eligible for
dependent child(ren) under 13
disabled dependent of any age
elderly dependent who resides with you at least 8 hours/day
Service must be for the physical care of the child, not for education, meals, or lessons such as sailing or photography, etc.
Questions about Benefits? :
Questions about Benefits? HR Service Center is here to Assist
Email: WAMTREGHRSC@providence.org
Phone: 1-888-687-3753, select option 2
Hours: Monday – Friday 6:30 a.m. – 5:00 p.m. (Pacific Standard Time)