The Health Care Flexible Spending Account (HCFSA) offers reimbursement for the cost of:
- Deductibles, coinsurances, and co-payments from any medical, dental, or vision charges
- Balance billing (the amount billed to you by your medical professionals after your insurance pays)
- Other eligible expenses that are not covered by insurance. The Internal Revenue Service (IRS) determines what supplies and services are eligible for reimbursement from HCFSAs.
How It Works
Eligible faculty and staff members may contribute a maximum of $2,550 per year to fund a Health Care Flexible Spending Account (HCFSA). Within that limit, you choose the total amount you wish to save for the year. The funds are then deducted from your paycheck pre-tax each pay period in equal amounts, resulting in a lower taxable income for you.
Effective with the 2014 plan year, Lehigh’s FSAs are administered by WageWorks. Once you have enrolled in the HCFSA, you can begin submitting claims directly to WageWorks. It is essential that you keep all receipts for eligible expenses. You will need to submit receipts along with your claim.
The deadline for submission of reimbursement requests from a Lehigh HFSA is March 31st following the end of the calendar year in which the expense was incurred. This extra three months is intended to give you time to submit claims for bills received after December 31 for services that took place during the plan year.
Important Change to the Previous “Use or Lose” Conditions
Previously, if you had a balance remaining at the end of the plan year, you would lose those funds. Starting with the 2013 plan year, Healthcare FSA enrollees may now carry over up to $500 into the new plan year. However, careful planning is still important when establishing a HFSA since remaining funds in excess of $500 at the end of the plan year will be forfeited.
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