Page 11 - NC OE Guide
P. 11
Flexible Spending Accounts
Available Through Health Equity Debit Card—NEW!
An FSA allows you to set aside before-tax dollars from your paycheck The Health Equity FSA debit card is an
to cover qualiied expenses you would normally pay out of your pocket easy way to keep cash in your pocket
while using your FSA. Many payments
with after-tax dollars. You pay no federal income, state income, or made with the card are approved
Social Security taxes on the money you place in your FSA. automatically, so no further paperwork
is required. Both healthcare and
Funds you elect to contribute to the Healthcare FSA are available in dependent care expenses may be paid
full on the irst day of the plan year. Our FSA program includes a with the debit card.
$500 rollover provision. You can roll over up to $500 of unused FSA If HealthEquity cannot determine the
dollars into your account to use next year. The amount you roll over use of your debit card is for an eligible
is in addition to your regular annual election. Funds you contribute expense, a request for substantiation
to the Dependent Care FSA function like a debit card; you need to will be sent which will require you to
submit a copy of the receipt which
accumulate the funds before you can use them. clearly indicates the nature of the
expense. The reason for this request
Healthcare FSA is to prove funds were used to pay
The Healthcare FSA lets you pay for certain IRS-approved medical care eligible medical, dental, and vision
care expenses. Failure to respond to
expenses not covered by your insurance plan with pre-tax dollars. For substantiation requests will result in the
example, cash you now spend on deductibles, copayments, or other suspension of your debit card.
out-of-pocket medical expenses can instead be placed in the Healthcare Your FSA debit card eligible expenses
Reimbursement FSA pre-tax to pay for these expenses. You may also include medical out-of-pocket expenses
use Healthcare FSA funds to reimburse eligible expenses for your not covered by the HRA, dental, vision,
dependents who are not covered under the MG+BW medical plan. pharmacy copays, and over-the-counter
The maximum contribution to the healthcare reimbursement FSA is materials and medication with a written
prescription from your doctor.
$2,500 per plan year.
The FSA debit card can be used to
If you enroll in the MG+BW medical plan, the HRA will reimburse pay your portion of the deductible
eligible medical plan expenses which apply to you or a covered family before the HRA pays. The HRA will
automatically begin to pay your
member’s plan year deductible. You may use your healthcare FSA funds portion of the deductible once you
to reimburse your share of the medical deductible you must pay before have exceeded the $500 per individual
your MG+BW funded HRA begins to pay. or $1,000 per family deductible. We
suggest you wait to pay your portion
Once you have paid the irst $500/$1,000 of your plan year deductible, of the deductible until you receive your
your available HRA funds will be used to reimburse the provider. You Explanation of Beneits (EOB) from
BCBS of NC and you may use your FSA
are not required to submit claims for reimbursement from your HRA. debit card to pay your share of the
deductible.
11
Available Through Health Equity Debit Card—NEW!
An FSA allows you to set aside before-tax dollars from your paycheck The Health Equity FSA debit card is an
to cover qualiied expenses you would normally pay out of your pocket easy way to keep cash in your pocket
while using your FSA. Many payments
with after-tax dollars. You pay no federal income, state income, or made with the card are approved
Social Security taxes on the money you place in your FSA. automatically, so no further paperwork
is required. Both healthcare and
Funds you elect to contribute to the Healthcare FSA are available in dependent care expenses may be paid
full on the irst day of the plan year. Our FSA program includes a with the debit card.
$500 rollover provision. You can roll over up to $500 of unused FSA If HealthEquity cannot determine the
dollars into your account to use next year. The amount you roll over use of your debit card is for an eligible
is in addition to your regular annual election. Funds you contribute expense, a request for substantiation
to the Dependent Care FSA function like a debit card; you need to will be sent which will require you to
submit a copy of the receipt which
accumulate the funds before you can use them. clearly indicates the nature of the
expense. The reason for this request
Healthcare FSA is to prove funds were used to pay
The Healthcare FSA lets you pay for certain IRS-approved medical care eligible medical, dental, and vision
care expenses. Failure to respond to
expenses not covered by your insurance plan with pre-tax dollars. For substantiation requests will result in the
example, cash you now spend on deductibles, copayments, or other suspension of your debit card.
out-of-pocket medical expenses can instead be placed in the Healthcare Your FSA debit card eligible expenses
Reimbursement FSA pre-tax to pay for these expenses. You may also include medical out-of-pocket expenses
use Healthcare FSA funds to reimburse eligible expenses for your not covered by the HRA, dental, vision,
dependents who are not covered under the MG+BW medical plan. pharmacy copays, and over-the-counter
The maximum contribution to the healthcare reimbursement FSA is materials and medication with a written
prescription from your doctor.
$2,500 per plan year.
The FSA debit card can be used to
If you enroll in the MG+BW medical plan, the HRA will reimburse pay your portion of the deductible
eligible medical plan expenses which apply to you or a covered family before the HRA pays. The HRA will
automatically begin to pay your
member’s plan year deductible. You may use your healthcare FSA funds portion of the deductible once you
to reimburse your share of the medical deductible you must pay before have exceeded the $500 per individual
your MG+BW funded HRA begins to pay. or $1,000 per family deductible. We
suggest you wait to pay your portion
Once you have paid the irst $500/$1,000 of your plan year deductible, of the deductible until you receive your
your available HRA funds will be used to reimburse the provider. You Explanation of Beneits (EOB) from
BCBS of NC and you may use your FSA
are not required to submit claims for reimbursement from your HRA. debit card to pay your share of the
deductible.
11
