Medical Flexible Spending Account Overview
Savings that stretch your financial possibilities
Get a 25% discount on every dollar you spend up to $3,050 for medical services by enrolling in our Medical Flexible Spending Account (FSA) Plan with our new vendor – HealthEquity | WageWorks*. Your FSA is a great way to save on hundreds of eligible expenses like prescriptions, co-payments, over-the-counter (OTC) items and child and elder care.
Your FSA is governed by IRS Regulations that detail who is eligible to use the account and where and how the money in it is to be used. Your FSA was designed to be simple. To keep it that way, it’s important to comply with the IRS Regulations that govern the program. The following guidelines will help you avoid any inconvenience.
Make sure account funds are only spent on those who are eligible. Typically, those eligible are you, your spouse, and your eligible dependents.
Know what expenses are eligible. Log into your account at www.wageworks.com for a list of your employer’s eligible expenses. Generally, eligible healthcare expenses include services and products that are medically necessary to treat a specific condition.
Keep your receipts. Save receipts that describe exactly what you paid for. Make sure the amount and service date – not the payment date – are included.
Get a prescription from your doctor. To use your account for over-the-counter (OTC) drugs, you’ll need to get a prescription from your doctor. You can use your HealthEquity | WageWorks® Healthcare Card (Card) for prescribed OTC drugs when filled and purchased as a prescription at the pharmacy counter. Alternatively, you can pay for the item out-of-pocket and use Pay Me Back to submit your claim and prescription to HealthEquity | WageWorks for reimbursement. Pay Me Back claims can be submitted online, or with your smartphone or mobile device.
Watch where you shop. If using the Card, shop only at general merchandise stores or pharmacies that have an industry standard (IIAS) inventory system in place. Visit www.sigis.com for the most updated list of approved merchants. The Card should decline if the merchant is not approved.
Verify all of your Card transactions. If a transaction is not automatically verified at checkout or by a third-party system, you will be notified by email or upon login to your account. Failure to verify an outstanding transaction may result in Card suspension.
Register for an online account at www.wageworks.com. When you register online and provide a current email, you ensure that you will have 24/7 access to your account and will be automatically signed up to receive important updates and alerts. You also must have an account to use the mobile app and take advantage of features like Upload Receipts for online claims and Card usage requests.
Keep track of your FSA account balance. Plan ahead to make sure you spend the full amount of your balance.
Don’t yet have a HealthEquity | WageWorks account and want to confirm what would qualify as an eligible expense? Have a review of IRS publication 502 here.
For the 2023 plan year, you can incur claims from January – December 2023 and you will have until April 30, 2024 to submit any outstanding receipts. For the 2024 plan year, you can incur claims from January – December 2024 and you will have until April 30, 2025 to submit any outstanding receipts.
Need a little help deciding whether or not this plan is right for you? Take a few moments to go through our excellent Pilot decision tool found on The Benefits Center.