ANSWER: Yes. Effective July 1, 2020 participating employees in the dependent care FSA may make mid-year election changes on a prospective basis until the end of this calendar year. With respect to the dependent care FSA, employees may 1) revoke an election entirely; or 2) decrease or increase an existing election. An existing election may not be decreased to an amount that would not cover amounts already reimbursed. In addition, employees not currently participating may now enroll. If you are interested in making any changes, please e-mail Kimberly Hongisto, Benefits Assistant, at firstname.lastname@example.org and she will send you the appropriate change form.
QUESTION: What effect does the CARES Act have on my health care flexible spending account (FSA)?
ANSWER: Within the CARES Act are provisions that may help faculty and staff who are enrolled in a health care flexible spending account (FSA) with takecare Wageworks. The following provisions are included in the Act:
- The use of health care FSA funds to purchase over-the-counter (OTC) drugs and medicines without a prescription from a physician.
- Adds feminine hygiene products, including tampons, pads, liners, and similar products, to the list of OTC items eligible for reimbursement from a health care FSA.
The OTC changes are effective for expenses incurred after December 31, 2019.
Using your takecare VISA card (debit card) for OTC drugs without a prescription and menstrual products is dependent on the updated eligible product list managed by the Special Interest Group for IIAS Standards (SIGIS), then merchants updating their systems. In the interim, members will need to submit manual claims with the proper documentation.
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 Funds can then be withdrawn from your account to cover approved out-of-pocket expenses for health care or dependent care.
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.
- 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.
- WageWorks Account Login
- HRA and FSA Qualified Expenses
- HRA Plan Description
- FSA Plan Description
- FSA Open Enrollment
- Healthcare Flexible Spending Account
- Dependent Care Flexible Spending Account
- FSA Store
- Change of Status/Termination Election Form
Please visit takecarewageworks.com to learn more about the plan and, if enrolled, access your account information.If you have questions, please contact TakeCare® WageWorks customer service at 1-800-950-0105 (M-F from 9am to 8pm EST)