Page 21 - NYMets_2018_Benefits_Guide
P. 21
BACK TO
HOME
PLATE
at-bat: Flexible spending accounts
A Flexible Spending Account (FSA) is benefit plan that Limited Purpose Health Care FSA
enables you to set aside a portion of your paycheck – on a If you enroll in the Premier HDHP with HSA, you can elect the
pre-tax basis – to pay for out-of-pocket health, dental, vision Limited Purpose Health Care FSA, which enables you to set
or dependent care expenses There are two separate FSA aside money for eligible out-of-pocket dental and vision care
choices: Health Care and Dependent Care. Both are offered expenses only.
through WageWorks.
During open enrollment or upon your eligibility as a new hire, Dependent Care FSA
you decide how much you wish to contribute for the year and With the Dependent Care FSA, you can pay for the following
sign an election form, generally committing to that election for services to care for your children while you are working:
one year. Your election amount is pro-rated and deductions Nursery schools,
are taken each pay period.
Summer day camps,
Health Care FSA Daycare, and
If you enroll in the Choice Plus PPO or Choice PPO, you can Other similar expenses.
participate in the Health Care FSA, which enables you to set For the Health Care FSA and the Dependent Care FSA, pre-
aside money for eligible, out-of-pocket health care expenses, tax dollars are deducted from your pay before federal income
including but not limited to: taxes and Social Security taxes are calculated. That means
Deductibles and coinsurance you pay for eligible expenses with dollars that have not
Physician or prescription copays already been subject to these taxes.
Insulin The chart on the next page outlines a brief summary of each
First aid supplies account’s features — how much you can contribute, who is
Prescription eyeglasses, contact lens solutions and eligible and how you are reimbursed. For a complete listing
supplies of eligible and ineligible health care and dependent care
Out-of-pocket dental expenses including orthodontia expenses, visit www.wageworks.com.
Plan Carefully: Use It or Lose It
wageworks healthcare
Although there is no way to completely predict what the future
will bring, it is a good idea to take a few minutes to review card
your current health care and dependent care expenses, With the WageWorks Healthcare
and estimate what your expenses will be for the upcoming debit Visa card, you can pay for eligible health care
plan year. That is because in exchange for the favorable tax expenses immediately — at the time of service or
breaks, the IRS requires that you forfeit any balance that is not purchase. There is no need to wait for reimbursement.
used by the end of the plan year.
Your debit card works like any other credit card. You will
Health Care FSA Rollover Feature: With the Health Care FSA, continue to use your card if you re-enroll the following
you can carry over up to $500 from one plan year to the next. year. When your card is set to expire, you will receive a
This reduces the “use-it-or-lose-it” risk for eligible health care new card in the mail before the expiration date.
expenses. For Health Care FSA amounts in excess of $500 Note: This card is for the Health Care FSA only. It is also
and Dependent Care FSAs, you have until March 31st after the a good idea to keep your receipts in case WageWorks
plan year ends to submit eligible expenses incurred during needs to verify an eligible expense.
the prior year for reimbursement.
19
