Are You Enrolled In A Health Care Flexible Spending Account (FSA)?
July 27, 2020
The Health Care Flexible Spending Account (FSA) and the Limited Purpose Health Care FSA provide you with an opportunity to pay certain out-of-pocket expenses with tax-free dollars. Since these are spending accounts, the funds in the accounts are intended to be spent on eligible expenses. This article is a reminder for you to use your FSA funds.
Health Care FSA Eligible Expenses include:
Limited Purpose Health Care FSA Eligible Expenses include:
Once you have incurred your eligible expenses, determine how to pay for them. In most situations, your Health Care FSA payment card (from the Health Care FSA administrator, CYC) will suffice at the point of sale or service. However, there are a few options if you need to submit your FSA claims manually or substantiate a claim made using your Health Care payment card:
For efficient processing, remember to include the appropriate IRS required supporting documentation with your claim(s) submission. If CYC needs more information to substantiate your claim(s), CYC will contact you directly.
Carry Over Reminder: Up to $550 of unused funds in your Health Care or Limited Purpose FSA will carry over into the following year (even if you do not enroll in the FSA for the following year). Unused funds greater than $550 on March 31 will be forfeited. Note: A change in the carryover amount from $500 to $550 was approved by the Group Insurance Board effective January 1, 2021.
For questions, contact CYC at 1-833-881-8158 or service@connectyourcare.com.
Additional resources may also be found on the UW System Employee Benefits website.
Source: UW System Human Resources
Categories: Employee Reimbursement Account