Dependent Care FSAs are not Health Care FSAs for your dependents. Limited Purpose Health Care FSA (LPHC FSA) is a Health Care FSA that can be used for eligible dental and vision expenses and is compatible with the State High Deductible Health Plan (HDHP) with Health Savings Account (HSA) or any other HSA enrollment.ĭependent Care FSA: This allows you to put aside payroll deducted pre-tax dollars for eligible child and elder-care expenses for your eligible dependents, so you can attend work, find work, or attend school.This FSA can be used for eligible health, prescription, dental, and vision expenses. General Purpose Health Care FSA (GPHC FSA) is the standard Health Care FSA the state traditionally has offered and will continue to offer.Health Care FSAs: These allow you to put aside payroll deducted pre-tax dollars for eligible health care expenses not covered by any medical, dental, or vision plan for you and qualifying individuals. The state offers the following types of FSAs: Enter the last four digits of your employee ID number, not the last four of your social security number. Qualified medical expenses (QMEs) are designated by the IRS and include medical, dental, vision, and prescription expenses. When submitting a claim or contacting HealthEquityIWageWorks, you will be asked to provide an ID Code. You will be seeing several updates specific to FSAs in the coming months to introduce you to the HealthEquity brand, including the member portal, emails, and other materials. HealthEquity recently acquired WageWorks. If you have questions about these temporary provision for which you may now be eligible, contact HealthEquity|WageWorks at 87. Visit the FSA IRS Amendment pages in the following booklets for additional details regarding temporary changes related to carryover rules and the increased age limit for qualified dependents under a Dependent Care FSA. The deadline to submit to HealthEquity|WageWorks new claims and substantiate claims for eligible expenses incurred January 1, 2022, through December 31, 2022, is now October 9, 2023.Ģ 021 FSA Plan Year: The run-out period deadline to submit new claims and claim substantiations to HealthEquity|WageWorks for eligible expenses incurred Januthrough Decemhas been extended through March 31, 2023. Take advantage of pre-tax savings by participating in Flexible Spending Accounts (FSAs) and save on out-of-pocket healthcare expenses. You decide how much to put in an FSA, up to a limit set by your employer. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, insulin, and medical devices. Weight Watchers and Jenny Craig) – Program fees are eligible but food portions are not.IRS Rule Changes for Health Care & Dependent Care FSAs:Ģ022 FSA Plan Year: As announced by the Federal Government, the National Emergency will end on May 11, 2023. Flexible Spending Account (FSA) An arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. A copy should be submitted with every reimbursement request and a new letter needs to be obtained every 12 months. Expenses for medical care under section 213 of the Code also are eligible to be paid or reimbursed under an HSA, FSA, Archer MSA, or HRA. Treatment cannot be for general health or wellbeing. Section 213 of the Code generally allows a deduction for expenses paid during the taxable year for medical care if certain requirements are met. The IRS allows FSA reimbursement of the following, with a copy of the physician’s statement of medical necessity, that includes the specific product/service and diagnosis. EXPENSES OF FSA EXPENSES THAT REQUIRE A LETTER OF MEDICAL NECESSITY
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