Flexible Spending Account (FSA) and Health Reimbursement Account (HRA)
What is NEW for 2014?
On October 31, 2013, the U.S. Treasury announced a major modification to the “Use It or Lose It” rule. Beginning with plan year 2014, the University amended its plan to allow employees to carry over up to $500 of unused funds at the end of the plan year. The carry-over provision pertains to the health FSA only—not the dependent care.
Any unused funds in excess of $500 in the health FSA at year-end will be forfeited. If you are not certain what your out-of-pocket expenses may be, we do encourage you to make a conservative estimate regarding your contribution amount.
NMU offers two types of Flexible Spending Accounts (FSA's) which allows full-time employees to deposit money on a pre-tax basis from their paycheck into an account. The two accounts are known as 1) the FSA for health care expenses; and 2) the FSA for dependent care expenses. Funds can then be withdrawn from your account to cover approved out-of-pocket expenses for health care or dependent care.
In addition, NMU provides a Health Reimbursement Account (HRA), as negotiated, per the AAUP, NMUFA, AFSCME, and Administrative Professional (AP) Master Agreements, and to employees under the Non-Represented employee class. The HRA is a university funded account that is used in the same manner as an FSA. FSA funds will first be exhausted before HRA funds are accessed. Balances in the HRA will continue to roll from year to year until the individuals HRA fund is exhausted.
- UNDER THE PATIENT PROTECTION AND AFFORDABLE CARE ACT (PPACA), CERTAIN OVER- THE-COUNTER ("OTC") DRUGS PURCHASED AFTER DECEMBER 31, 2010, WILL NO LONGER QUALIFY AS AN ELIGIBLE EXPENSE FOR REIMBURSEMENT FROM AN FSA or HRA UNLESS A PRESCRIPTION IS OBTAINED.
- HRA and FSA Qualified Expenses
- HRA Plan Description
- FSA Plan Description
- FSA Open Enrollment
- Healthcare Flexible Spending Account
- Dependent Care Flexible Spending Account
- Health Reimbursement Account
Please visit takecarewageworks.com to learn more about the plan and, if enrolled, access your account information.
FIRST-TIME LOGIN TO YOUR TakeCare® WageWorks ACCOUNT:
The take care® VISA card is already activated. Faculty and staff will need to register with WageWorks in order to have online access to their account. In order to do that, they will need to register as a new user.
Click on: "Participant Account"
Click on: "New User"
Enter the required information and click "continue" at the bottom. The participant will be directed to their account information.
The next time participants visit the site, they will simply login with the user ID and password they created.
If you have questions regarding a forgotten user ID or password, please contact TakeCare® WageWorks customer service at 1-800-950-0105 (M-F from 9am to 8pm EST)