|Important Flexible Spending Account Updates:
Deadline Extended to Submit Eligible 2019 Expenses for Reimbursement:
The deadline for employees to submit eligible expenses for reimbursement from their remaining 2019 health and dependent care FSAs has been extended for up to 60 days after the Coronavirus (COVID-19) national health emergency is declared over by the federal government. Once the national health emergency is declared over and the 60 days have expired, up to $500 of any unused health FSA funds from 2019 will be rolled over to the employees’ health care FSA for use in 2020. Please note there is no rollover permitted for the dependent care FSA.
Note: When employees log into their HealthEquity/WageWorks account, they will see a “claim by” date of 12/31/20 for their 2019 FSA. The claim by date is subject to change depending on when the Outbreak Period has been declared over. Therefore, employees are encouraged to submit claims for expenses incurred during 2019 as soon as possible.
Should you have any questions on the reimbursement process, please contact the HealthEquity/WageWorks customer care team at 877.924.3967 (TTY: 866.353.8058).
Optional Mid-Year FSA Enrollment Changes Allowed for 2020:
Effective immediately, eligible faculty and staff are allowed to change their health and dependent care FSA elections for 2020 without having a qualifying family status change. Allowable changes must be made on a prospective basis and include new elections, as well as increases or decreases to existing FSA elections.
If an election is made to reduce your health care FSA contribution, the reduced contribution must be no less than claims that have already been reimbursed or approved for reimbursement. If you wish to make a change to your 2020 FSA election or have any questions, please contact HR Shared Services at firstname.lastname@example.org or 315.443.4042.
There are two types of Flexible Spending Accounts (FSAs)—Health Care and Dependent Care—and both offer a great way to save money by allowing you to contribute pre-tax dollars into an account (avoiding federal and state income tax, as well as FICA) that you can use to pay for eligible expenses. How much you save depends on how much you spend on health care and dependent care each year and on your tax bracket. But using an FSA to pay out-of-pocket costs on eligible expenses such as copays, deductibles and daycare related expenses, can save on your taxes each year.
The Health Care FSA can be used to pay for eligible health care expenses such as copays, deductibles, prescription drugs and over-the-counter medications (with a prescription), dental exams and treatment, eyeglasses, contact lenses and sunglasses (with a prescription). You can use your Health Care FSA to pay for health care expenses for your family members, too–whether or not they are covered by your health insurance–as long as they are your tax dependent.
If you have to pay for daycare and related expenses for a dependent child or adult so that you and your spouse/domestic partner can work or attend school, you can use a Dependent Care FSA.
The maximum amount you can contribute to a Health Care FSA is $2,750 in 2020. In addition, you may roll over up to $550 of unused funds in your Health Care FSA. This is a great feature. It means that you are less likely to forfeit unused funds at year’s end, or be forced to “spend down” your account on non-essentials. And, you do not have to try to precisely predict out-of-pocket medical expenses a whole year in advance. The $550 rollover does not count toward the annual maximum contribution amount. You will still want to think carefully about how much you contribute to a Health Care FSA. While you can roll over up to $550 of unused funds, you will lose any amount over $550 not incurred by Dec. 31 if you don’t claim it by the filing deadline of Apr. 30 of the following plan year.
The maximum amount you can contribute to a Dependent Care FSA is $5,000–per household. You will want to be even more careful about deciding how much to set aside in a Dependent Care FSA, because no rollover is permitted if you don’t claim all your funds by the filing deadline of Apr. 30 of the following plan year.
You can make your elections during new hire, a qualified family status change, or during Open Enrollment each year. It is important to estimate your expenses carefully before making your elections.
Contact HealthEquity/WageWorks at 877.924.3967 or HR Shared Services at 315.443.4042.
Types of Flexible Spending Accounts
- All About Health Care FSAs
- All About Dependent Care FSAs
- Searchable List of Eligible Health Care Expenses
- Searchable List of Eligible Dependent Care Expenses
Interactive FSA Tax Savings Calculators
Important FSA Forms
- Letter of Medical Necessity [PDF]
- Health Care FSA, Paper Claim Form [PDF]
- Dependent Care FSA, Paper Claim Form [PDF]
Every effort has been made to ensure that the information contained within this website is accurate. However, benefits are governed by legal documents (which, in certain circumstances, may include insurance contracts). If there is any difference between the information in this website and the official documents, the official documents will control. As is the case with all of Syracuse University’s employee benefit plans, the University reserves the right to modify or terminate these benefits at any time.