The Flexible Spending Account (FSA) from WageWorks allows you to stretch your budget further. The FSA is a voluntary pretax benefit plan that allows you to set aside money from your paycheck that can be used to pay the out-of-pocket medical, prescription, dental and vision expenses that you and your dependents incur.
How does it work?
Step 1: You enroll in this plan using your SAP Employee Self-Service (ESS) portal. The amount you elect to contribute will be deposited directly from your paycheck to your WageWorks account.
Step 2: You will receive a WageWorks Healthcare Card.
Step 3: Use your WageWorks healthcard just like a debit card at your doctor’s office, pharmacy and more to pay for qualified expenses for instant reimbursement.Examples of qualified expenses include:
- Copayments, coinsurance and deductibles for medical, vision and dental services
- Eyeglasses, reading glasses, contact lenses and contact lens solution
- Bandages and related items
- First aid kits
- Hearing aids and batteries
- Medical equipment
- Lab fees and diagnostic services
- Hospital services and fees
Selecting an Election Amount
- Three things to keep in mind when selecting an election amount:
- 1. Your total election amount is available on May 1, 2019 - April 30, 2020 so the HFSA can help regulate your healthcare spending and take care of the unexpected expenses along the way.
- 2. Employees minimum annual election amount is $240 and the maximum is $2,550.
- 3. As a FSA participant, you still have the 90-day Run-Out period (May 1, 2019 – July 31, 2020) to file claims and request reimbursement for expenses incurred prior to the end of the FSA plan year April 30, 2020.
NOTE Any unused HFSA funds as of April 30, 2020 will be lost and forfeited so it is important to elect an amount that you will use between May 1, 2019 - April 30, 2020.
How much should I contribute?
How much did you pay in copayments this year for doctor and dental visits? For prescriptions? Plan to get a new pair of glasses this year? Are you expecting to go to the hospital early next year? What’s the mileage to and from your doctor? Use these questions to estimate your expenses for next year.
To estimate how much you should contribute to your FSA, add up the anticipated costs for routine medical and dental checkups and for major expenses, such as braces, for you and your family that will not be reimbursed by any other insurance plan. Estimate what you will spend May through April. Any expense the IRS considers deductible and that is not reimbursed through a health plan is eligible for reimbursement from your FSA.
Expenses not recognized by the IRS, and not reimbursable, include cosmetic surgery and health-club dues for general health purposes.