Health Care Flexible Spending Accounts (FSAs) 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 health care expenses.
As a reminder, if you had a health care FSA through Syracuse University in 2019, the deadline to submit eligible expenses for reimbursement is April 30, 2020. If you have any leftover funds from 2019 that are unused, up to $500 will be rolled over to your health care FSA for use in 2020.
New for 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has expanded the list of health care items that are eligible for reimbursement from health care FSAs.
Effective immediately, the following health care expenses incurred after Dec. 31, 2019, now qualify for reimbursement:
- Over-the-counter drugs and medicines without a doctor’s prescription
- Menstrual care products
Syracuse University’s flexible spending account vendor, WageWorks/HealthEquity, is working to update its website and system to ensure these changes are implemented as soon as possible. Should you have any questions about these changes or the reimbursement process, please contact the WageWorks/HealthEquity customer care team at 877.924.3967 (TTY: 866.353.8058).