The deadline to submit Health Care/Limited Purpose 2021 claims is April 30, 2023. The maximum reimbursement for the child in the 2022 plan year is limited to the unused balance that was carried over from the 2021 plan year. Allow Health and Dependent Care Flexible Spending Accounts (FSAs) to carryover unused benefits up to the full annual elected amount from 2019-20 year to 2020-21. You are able to continue to receive reimbursement in the 2022 plan year for a non-disabled child who reached age 13 during the 2021 plan year. If you did not elect a Dependent Care FSA account for 2022 during Open Enrollment, you will still receive the full rollover. The deadline to submit Health Care/Limited Purpose 2021 claims is April 30, 2023.Īll unused 2021 Dependent Care FSA funds are eligible to be rolled over into your 2022 Dependent Care FSA account. In order to be eligible for the Health Care or Limited Purpose FSA rollover, you must have elected a Health Care or Limited Purpose FSA account during Open Enrollment for 2022 and have an active account. Please refer 2024 Open Enrollment communications for details.īelow are changes that have been temporarily made to University’s FSA plans due to the passing of the Consolidated Appropriations Act for 2021.Īll of your unused Health Care or Limited Purpose FSA account balance from 2021 will be carried over to 2022 for use on eligible expenses for 2022. At the end of the year, employees may be able to roll-over some eligible funds. The maximum amount you may contribute in 2023 is $2,850 (minimum election is $100). A complete list of qualifying expenses can be found in IRS Publication 502. Once the Tier 1 Plan deductible has been met, you may also use your Limited Purpose FSA for qualified medical and prescription expenses. You may use your Limited Purpose FSA to reimburse qualified out-of-pocket dental and vision expenses. You are eligible to contribute to a Limited Purpose FSA if you are a benefit-eligible employee that enrolled in the HSA-Eligible Plan and are contributing to an HSA. Please refer to the 2024 Open Enrollment communications for details. Qualified expenses now include: over-the-counter medicine without needing a doctor’s prescription and all feminine hygiene products. The CARES (Coronavirus Aid Relief and Economic Security) Act, passed by Congress, has expanded covered expenses that you may use your FSA on. You may use your Health Care FSA to reimburse qualified out-of-pocket medical, dental, prescription, or vision expenses. Enrolled in the HSA-Eligible Plan and are not contributing to an HSA (if you are contributing to an HSA, see Limited Purpose FSA below).Vision expenses, including: Glasses, frames, contacts, prescription sunglasses, goggles, vision co-payments, optometrists or ophthalmologist fees, and corrective eye surgeryĢ.You are eligible to contribute to a Health Care FSA if you are a benefit-eligible employee that: You may use Limited Purpose FSA dollars to reimburse yourself for expenses not covered by your high-deductible health plan, such as:ġ. You may choose to use a Limited Purpose FSA to pay for eligible heath care expenses and save your HSA dollars for future health care needs. One key difference, however, is that HSA balances can roll over from year to year, while FSA money left unspent at the end of the year or after a designated grace period is forfeited. What is the difference between an HSA and a Healthcare FSA?īoth HSAs and FSAs allow you to pay for qualified medical expenses with pre-tax dollars. A healthcare FSA covers all eligible medical expenses. It is intended to work in conjunction with an HSA. What is the difference between a healthcare FSA and a limited purpose FSA?Ī limited purpose FSA can only be used for vision and dental expenses. The Carryover option is available with healthcare and limited purpose FSAs. Department of the Treasury changed the “Use It or Lose It” rule, providing employers the ability to offer a Carryover option which allows for up to $500 of FSA balances remaining at the plan-year end to carry over for use during the next plan year. You may refer to the FSA eligible expenses tool on this site for a list of eligible and ineligible expenses. The account helps you budget for planned expenses such as deductibles, co-payments and prescriptions. You may set aside pre-tax dollars to cover eligible medical expenses that are not covered by any other type of insurance. What is a Healthcare Flexible Spending Account? You can use pre-tax dollars to cover eligible work-related dependent care expenses for qualified dependents, or if you are married, while you and your spouse work or your spouse attends school full-time.
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