Your Healthcare FSAhr.fhda.edu/_downloads/FSA HCA Overview PPT.pdf · What You Get • Less Risk,...

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YourHealthcareFSAFlexible SpendingAccountwithCarryover

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WhatisaHealthcareFSAwithCarryover?

• Pre-taxbenefit accountthatpaysforeligibleexpensesnotcoveredbyinsurance§ Medicalexpenses§ Dentalexpenses§ Visionexpenses

• Nowcarryoverupto$500attheendoftheplanyear§ Nomore“useitorloseit”

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WhyYouNeedIt

• Saveanaverageof30%oneverydayhealthcareexpenses

• Useseveraleasy,no-hassle paymentandreimbursementoptions

• Accessyourfullelectionamount startingondayone

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HowItWorks

① Determinehowmuchtocontribute§ Estimatehowmuchyou’llneed§ Electhowmuchtocontribute

② Fundsaretakenfromyourpaycheckbeforetaxes

③ Startsavinguptohundreds ofdollarsinoneyear§ Savingsresultfromloweroveralltaxes

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WhatYouGet

• LessRisk,LessWorry§ Carryoverupto$500leftinyouraccountwhentheplanyearends

§ Nomore“useitorloseit”risk

• MoreFlexibility§ Spendyourmoneywhenandhowitsuitsyoubest§ Noneedtorushtospendattheendoftheplanyear

• MoreSavings§ LessriskmeansyoucanincreaseyoursavingsbyusingyourFSAmore

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HowYouUseIt

UseyourWageWorksCardtopayinstantly

• Workslikeadebitcard,justswipeandgo

• FundscomedirectlyfromyourHealthcareFSA

• NoPINrequired

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NoCard,NoProblem

• PayMyProvider§ Paybillsinstantly,directly,online

§ Doctorbills,orthodontiaandmore

• PayMeBack§ Traditionalclaims§ Fastreimbursement

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HowYouManageIt

UseWageWorksEZReceipts®• Fileaclaimandgetreimbursedquickly• Viewtransactionsandbenefitaccount

balancesusingasinglelogin• Snapaphotoofreceiptsandsubmitthem

forpayment• Receive confirmationemailswhenclaims

arereceived, processed, orpaid• Receive textmessageswhencardverification

isrequired, atransaction isdenied,oraclaimhasbeenprocessed

OronlineatWageWorks.com

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HowMuchYouCanContribute

• Maximumof$2,550§ IRSsetsthecontributionsguidelines§ Contributionlimitsmaychangeduringtheyear

• Fullamountavailableondayone§ Youcanaccessyourfullelectionamountonthefirstdayofthenewplanyear

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EligibleExpensesUseYourHealthcareFSAtopayfor:• Prescriptions foralmostanymedicalcondition• Prescribed over-the-counter medicines,e.g.aspirin,

coughsyrup• Co-payments, co-insurance, anddeductibles• Dentalcare,bothpreventive andrestorative• Orthodontia, childandadult• Visioncare,eyeglasses, contactlenses, solutions• Eyesurgery, includinglaservisioncorrection• Counselingandtherapy• Psychologyandpsychiatry• Chiropractic careandacupuncture• Seewww.wageworks.com/mynewfsa formore

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HowYouGetIt

Enrollonlineorbyphone:• Follow[EmployerName’s]instructions• Visit[Insertemployer’sbenefitsurl]• Orcall[Insertemployerenrollmentphone#]

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©2014-2016WageWorks,Inc.Allrightsreserved.Thisdocumentcontainsproprietaryand/orconfidentialworkproductthatbelongstoWageWorks,Inc.andmaynotbeused,reproduced,modified,displayedordistributedwithoutthepriorwrittenconsentofWageWorks,Inc.