A health care FSA helps you pay for eligible out-of-pocket medical, dental, vision, hearing and prescription drug expenses for you, your spouse and your tax dependents. Out-of-pocket expenses are those not covered by insurance or any other plan. These include deductibles, coinsurance, co-pays, and over-the-counter (OTC) items. Keep in mind; you’ll need a prescription for an OTC drug or medicine to be considered an eligible expense. OTC items like bandages, hot/cold packs, thermometers, first aid kits or home diagnostic tests are eligible without a prescription.
|Who Is Eligible||Benefit eligible employees are eligible to participate in the plan during their enrollment period. However, if you experience a life changing event such as the birth or adoption of a child, a divorce, death of a spouse or other qualifying event as outlined in the CHANGE MY BENEFITS section, you may adjust or enroll in the Health Care FSA plan.|
|How It Works||A Health Care Flexible spending account (FSA) allows you to set aside pre-taxed money for eligible medical expenses and certain out-of-pocket health care costs. Determine how much money you want to contribute in your Health Care FSA for the year. The amount you designate will be taken out of your paycheck in equal installments each pay period and placed in your account. The maximum you can set aside for 2020 is $2,700.|
|What To Consider||To determine how much to contribute, make a list of the expected out-of-pocket medical expenses for you and your dependents for the next year. For example, if you always exceed your deductible, include the deductible amount in your calculation. A calculator is provided below to help with this process.
It's important to give some thought to calculating how much money to contribute for the year, because if you put in more money than you need, by law, you lose it.
|When Do I Submit Forms For Reimbursement||Save your receipts, and connect to the naviabenefits.com website to submit your request for reimbursement. Requests can by submitted throughout the year and you have until March 15 to submit claims for eligible expenses incurred during the previous calendar year. Any money left in your account after that date will be forfeited.|