{"id":16479,"date":"2023-05-24T14:38:05","date_gmt":"2023-05-24T18:38:05","guid":{"rendered":"https:\/\/marymount.edu\/?page_id=16479"},"modified":"2023-11-13T12:37:28","modified_gmt":"2023-11-13T17:37:28","slug":"flexible-spending-and-health-savings-accounts","status":"publish","type":"page","link":"https:\/\/marymount.edu\/faculty-and-staff\/human-resource-services\/benefits-2\/flexible-spending-and-health-savings-accounts\/","title":{"rendered":"Flexible Spending and Health Savings Accounts"},"content":{"rendered":"<h2>Flexible Spending Accounts (FSA)<\/h2>\n<p>Two types of accounts are available to set aside pretax dollars to pay for certain health care and dependent care expenses.<\/p>\n<ul>\n<li>\n<h3>Medical Flexible Spending Account<\/h3>\n<ul>\n<li>2024 maximum amount that can be set aside is $3,200 per year. A maximum of $640 can carry over to the next plan year.<\/li>\n<li>Eligible health care expenses include deductibles, co-pays, co-insurance and certain over-the-counter (OTC) items that are not covered by your medical, dental, prescription, or vision programs.<\/li>\n<li>This account is not available to those enrolled in the CareFirst BlueChoice Advantage HSA plan.<\/li>\n<\/ul>\n<\/li>\n<li>\n<h3>Dependent Flexible Spending Account<\/h3>\n<ul>\n<li>Maximum amount that can be set aside is $5,000 per year. There is no carryover into the next plan year.<\/li>\n<li>Eligible dependent day care expenses include day care, before and after school programs, nursery school or preschool, summer day camp, and even adult day care.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Health Savings Account (HSA)<\/h2>\n<p>If you are enrolled in the <strong>BlueChoice Advantage HSA<\/strong> plan, you are enrolled in the <strong>WEX<\/strong> HSA account.\u00a0 This account allows for employee and employer contributions that roll over year to year to pay for certain health care expenses.\u00a0 Marymount contributes $600 for an individual and $1,200 for a family.\u00a0 Payments are made at the beginning of each plan year<\/p>\n<h2>Eligibility Information<\/h2>\n<p>As a full-time employee, 30+ hours per week, you are eligible to enroll in Flexible Spending Accounts.<\/p>\n<p>Employees <strong><em>must <\/em><\/strong>enroll in benefits before the end of their 31st calendar day of employment, otherwise they are not eligible and will have to wait until annual Open Enrollment.\u00a0 Enroll through your Workday account.<\/p>\n<h2>Special Plan Rules<\/h2>\n<p>You may only enroll in a Flexible Spending Account (FSA) during your first 30 days of employment or during open enrollment. For new employees this enrollment covers the pay periods from the start of your payroll deductions through the end of the year. For employees enrolling during open enrollment, your enrollment starts January 1 and continues through the end of the calendar year, if you leave Marymount, or if you have a life event change that offers you to change your FSA elections.<\/p>\n<p>Any amount(s) left in your dependent care flexible spending account at the end of the plan year will be forfeited. Any amount over $610 left in your medical flexible spending account at the end of the plan year will be forfeited.\u00a0 There is a 90-day \u201cgrace period\u201d after the end of the year from which you can submit your receipts for reimbursement. However, your receipts will still have to be dated for expenses incurred during your active plan year.<\/p>\n<p>If you haven\u2019t enrolled in the health plan, you can still participate in a Flexible Spending Account. If you or your family members are covered by health insurance elsewhere, you can still claim qualifying out-of-pocket health care expenses under the Flexible Spending Account.<\/p>\n<p>Remember that your expenses must be incurred during your period of coverage. Expenses are considered as having been incurred when you are provided with the health care or dependent day care and not when you are formally billed, charged for, or pay for the care.<\/p>\n<h2>Changes During the Year<\/h2>\n<p>Generally, you can only change your benefit elections during the annual benefits Open Enrollment period.\u00a0 An exception is made for any Qualified Life Event (QLE), such as marriage, divorce, birth, or adoption.<\/p>\n<p>You must notify Human Resources within 31 days of any QLE to make changes.\u00a0 Otherwise, you will have to wait until the next enrollment period.\u00a0 Any changes you make to your benefit choices must be directly related to the Life Event. You must enclose documentation of the event and the documentation must show the date of the event (example: a marriage license or birth certificate).\u00a0 Do this through your Workday account.<\/p>\n<h2>When Coverage Ends<\/h2>\n<p>Coverage ends on your last day worked.<\/p>\n<h2><strong>\u00a0<\/strong>Contact and Plan Information<\/h2>\n<p>Access <a href=\"https:\/\/www.wexinc.com\/login\/benefits-login\/\">WEX Discovery Benefits<\/a> to find dentists, manage your FSA or HSA and access resources.<\/p>\n<table style=\"width: 62.4293%;\" width=\"624\">\n<tbody>\n<tr>\n<td style=\"width: 23.6896%;\" width=\"208\">WEX<\/td>\n<td style=\"width: 26.9778%;\" width=\"161\">\n<p style=\"text-align: center;\">(866) 451-3399<\/p>\n<\/td>\n<td style=\"width: 66.6341%;\" width=\"255\"><a href=\"http:\/\/www.wexinc.com\/login\/benefits-login\/\"><strong>www.wexinc.com\/login\/benefits-login\/<\/strong><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Flexible Spending Accounts (FSA) Two types of accounts are available to set aside pretax dollars to pay for certain health care and dependent care expenses. Medical Flexible Spending Account 2024 maximum amount that can be set aside is $3,200 per year. A maximum of $640 can carry over to the next plan year. Eligible health [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/marymount.edu\/faculty-and-staff\/human-resource-services\/benefits-2\/flexible-spending-and-health-savings-accounts\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":222,"featured_media":0,"parent":16443,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/left-sidebarpage.php","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","ngg_post_thumbnail":0,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Flexible Spending and Health Savings Accounts - Marymount University<\/title>\n<meta name=\"description\" content=\"Flexible Spending Accounts (FSA) Two types of accounts are available to set aside pretax dollars to pay for certain health care and dependent care . 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