How the FSA Health Care Account works:
You designate an amount to be deducted, pre-tax, in equal installments from your paycheck. You cannot change your contribution amount or suspend your payroll deductions during the year unless you have a qualified change in family status, as defined by the Internal Revenue Service. You will receive a Health Care Card that will draw from these funds.
All regular, full-time employees and faculty members are eligible to participate in the Health Care Account.
Health care expenses can include those incurred by yourself, your spouse, domestic partner or any dependent that you claim on your income tax return.
Some examples of qualified expenses are as follows:
- Deductibles and co-payments for healthcare plans (medical, dental and vision)
- Co-payments for prescription drugs
- Amounts over usual and customary plan limits
- Purchase of prescription sunglasses, contact lenses and cleaning solutions
The maximum annual contribution qualifying for pre-tax reimbursement is $2,500 per employee.
This type of plan is considered by the IRS to be a "use it or lose it" plan. This means that if you do not use the full amount that you elected, then you will forfeit the remaining balance. The Temple University plan allows you to incur claims up to March 15th of the following calendar year, and you have until June 15th to sumbit the claim.
For example, if you elect to contribute $1,000 in calendar year 2014, then you have until March 15, 2015 to incur $1,000 worth of expenses. Further, you have until June 15, 2015 to sumbit claims for 2014.
Check out plan details, easy-to-use calculators and enrollment at www.wageworks.com. Click on: “First Time User? Register Now,” and follow the simple steps.
Current Employees: Open enrollment is during the months of November and December for the following calendar year. You must re-enroll each year to continue or change your participation in an FSA account.
New Hires: You have 31 days from the date of your Benefits Orientation to enroll on-line for the current calendar year.