discovery benefits hsa eligible expenses

DiscoveryBenefits.com Plan and a Health Savings Account, you're eligible to enroll in a Limited FSA Common eligible expenses for a Medical. View our interactive eligible expense list at www.DiscoveryBenefits.com/eligibleexpenses. Can I enroll? Yes, as long as you or your spouse aren't actively. Withdrawals for eligible expenses are tax-free. BUILD YOUR SAVINGS be sure to download the Discovery Benefits mobile app. discovery benefits hsa eligible expenses

Discovery benefits hsa eligible expenses -

5 Surprising Eligible Expenses For Your HSA and FSA

surprising HSA eligible expenses

by Hayden Goethe

A health savings account (HSA) or medical flexible spending account (FSA) can be used to purchase eligible expenses, and the list of things that are eligible is sizable and growing. For example, as part of a pandemic relief package in March, many over-the-counter (OTC) products that once required a prescription were permanently reinstated as HSA/FSA eligible expenses. 

Check out our episode of our Benefits Buzz podcast as we quiz three new employees on what’s HSA and FSA eligible, or keep reading for are five things you may not know you can use your benefits debit card for.

Feminine hygiene products

The CARES Act was designed to help Americans during COVID-19. Among its provisions, it reverses laws put in place by the Affordable Care Act that stipulated an HSA could only be used to reimburse accountholders for those OTC items for which they had a prescription. One important addition to the list of eligible items: Certain menstrual care products, such as tampons, pads and menstrual sponges. 

Mental healthcare 

Psychiatric treatment, substance abuse treatment, and smoking cessation products/programs are all eligible for your HSA and FSA funds. Psychological care is also eligible if provided for mental care (and not just for the general improvement of mental health, relief of stress, or personal enjoyment). If you need to travel to obtain mental health services, you can also use your HSA to pay for lodging and meals.

Alternative therapies 

Acupuncture and chiropractic treatments are eligible for your HSA and FSA funds. Massage therapy is also eligible with a prescription. For the latter to be eligible, your doctor would need to fill out a letter of medical necessity.

Pregnancy tests and fertility tests/treatments

Whether you’re trying to conceive or trying to determine if you already have, you can use your benefits debit card to pay it. Ovulation or fertility monitoring is also eligible. Additional eligible childbirth-related expenses include: 

  • Maternity support belts
  • Prenatal vitamins
  • Breast pumps
  • Birth control
  • Vasectomies 

Sunscreen and acne skincare products

You can use your HSA or FSA to put your best face forward. Because acne is considered a medical problem and not a cosmetic problem, you can purchase acne cleansers, gel and creams, even at-home light therapy kits with your benefits debit card. Use it, too, for visits to a dermatologist to assess or treat acne. And all sunscreen products are also eligible, including tinted sunscreen lotion and eye cream with SPF.

Subscribe to our blog to stay informed on the latest regarding your employee benefits. Simply submit your email address in the form on the right side.

Hayden is a content marketer for the benefits division of WEX. Hayden joined WEX in 2017 after nearly 15 years in journalism as an editor, writer, and designer. He's focused on providing thought leadership content to help our audiences get the most out of their benefits experience.

Источник: https://www.wexinc.com/insights/blog/health/5-surprising-eligible-expenses-for-hsa-and-fsa/

Eligible Expenses

As of January 1, 2020, over-the-counter (OTC) medicines as well as feminine care products are eligible for tax advantaged benefit plans such as FSAs, HRAs, and HSAs without a prescription or physician's note. In addition, the IRS announced on March 26, 2021 that personal protection equipment (PPE) purchased on or after 1/1/2020 is also reimburseable under HFSA/HRA/HSA plans, where employer allowed.

Use your TASC Card to pay for healthcare-qualified expenses at clinics, optometrists, dentists, pharmacies, and other merchants with a healthcare inventory information approval system (IIAS) in place. It may also be used for some daycare and transportation account expenses. For a list of IIAS merchants, visit www.sig-is.org.

FSA Eligible Expenses (Healthcare FSA and Dependent Care FSA)

Dependent Care FSA Eligible Expenses

HSA Eligible Expenses

HRA Eligible Expenses

Funded HRA Qualified Expenses

AgriPlan and BizPlan Guide to Deductible Expenses

The TASC Card is issued by MetaBank®, N.A., Member FDIC, pursuant to license by Mastercard International Incorporated.

Источник: https://www.tasconline.com/

WEX Benefits FSA Flyers Combined

Limited FSA Why should I choose a limited flexible spending account?

A limited FSA is a benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for qualified dental, vision and preventative care expenses. It pairs well with a health Savings Account (HSA). This plan offers instant access to funds for expenses you incur throughout the year. And saves you money by reducing your taxable income.

Funds on Day 1 Buy those eyeglasses or finally get those braces. All of your FSA funds are available to spend right away. Use your benefits debit card at the point of purchase. Discount Think of it like a discount on healthcare expenses at stores such as Amazon, Target, CVS, Walmart, Walgreens and more. Dollars you contribute are taken out of your paycheck before tax which means a $100 purchase would actually cost you over $130 without a limited FSA. * Plan ahead Think about the money you spent on healthcare expenses last year. Plan ahead and set those funds aside in a limited FSA and save 30%.*

*Based on a 30% tax bracket.

What does it cover? There are thousands of eligible items, including: • Dental and orthodontia office visits and expenses •

Eye glasses, contacts, prescription sunglasses, solutions and drops

Fast fact Don’t know how much to elect? Determine how much you spent on dental and vision expenses last year and estimate the amount you’ll spend this year. Any funds you contribute to the limited FSA must be spent by the end of the plan year.

Dental implants, veneers, dentures and bridges Optometrist and ophthalmologist visits and expenses

Laser eye surgery

Can I enroll? The limited FSA pairs nicely with a health savings account (HSA). However, a limited FSA cannot be paired with a medical flexible spending account (FSA). Pairing these plans allows you to spend your limited FSA dollars on eligible expenses while saving or investing your HSA dollars.

Simplifying benefits for everyone.

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Источник: https://online.flippingbook.com/view/257369/9/

Health account comparison

 HSAHealth Care FSAHRAWhat does it stand for?Health Savings AccountHealth Care Flexible Spending AccountHealth Reimbursement AccountWho owns it?EmployeeEmployerEmployerWho funds the account?Employee, employer and othersTypically by employee, but employer can contributeEmployer onlyWhat type of corresponding health plan is allowed?Eligibility to contribute requires opening and maintaining a qualifying high-deductible health plan.A full-purpose health care FSA is compatible with any type of health plan coverage. A limited-purpose health care FSA is typically used in conjunction with participation in an HSA and its qualifying high-deductible health plan.An HRA is allowed with any type of health plan.Can unused amounts carry over?Yes. The individual owns the account and any contributions made to it, regardless of the source or timing of the contribution.Yes, by plan design, a plan may allow up to $550 to carry forward to future plan years. This is an optional plan feature. If the plan does not have a carryover, any remaining balance at the end of the plan year is forfeited.Yes. The employer can choose to have unused funds roll over from year to year. However, rollover is not required.Is the account portable between employers?Yes. The individual owns the account.No. FSAs cannot be rolled over to a new employer.No. An HRA may be designed to allow former employees to use their funds, but it cannot be rolled over to a new employer.Does interest accrue?Interest may accrue in an HSA, depending upon the custodian and the type of deposit account.Interest does not accrue.Interest does not accrue.Is the account subject to COBRA continuation?No. An HSA is not a health benefit plan subject to continuation.COBRA rights apply.COBRA rights apply.How is it funded?Money is deposited directly into the account. Contributions can be made by employee or other person on an “after tax” basis, by employer or through pre-tax salary deduction.Based on the employee’s annual election, the employer designates a specific amount of wages to be deducted from the employee’s payroll check pre-tax. The employer contributes a set amount on a notional basis.What is the contribution amount?Annual contribution limits are established by the IRS and indexed for inflation. Please refer to the IRS Contribution/Deductible Guidelines sheet for specifics.The annual maximum amount of employee contribution is established by the IRS. This is subject to change annually with IRS Cost Of Living Adjustments (COLA).No restrictions. For HRAs, the employer determines the minimum and maximum amounts.Is there a “catch-up” contribution provision for older workers?Employees ages 55 and older may contribute more to the account per year until they are enrolled in Medicare. Please refer to the IRS Contribution/Deductible Guidelines sheet for specifics.Not available.Not available.Can the account be funded with pre-tax salary deduction?Yes.Yes.No, employer-funded only.Is vesting allowed?An HSA is a bank account owned by the employee. The funds are available as they accrue in the account.Funds are available for use with eligible health care expenses on the first day of the plan year.The plan design may or may not impose a vesting schedule.What are the tax benefits for employees?Contributions are tax deductible, interest and capital gains on investments are tax-free. Withdrawals for qualified medical expenses are tax-free, although state taxes may apply.

Employee contributions are exempt from federal and FICA tax as well as most state and local tax.

Reimbursements are tax-free.

Reimbursements are federal income tax-free.What health care expenses can be paid from the account?Funds can be used for any qualified medical expense as defined under Section 213(d) of the Internal Revenue Code (IRC), except for health insurance premiums, with specific exceptions.Funds can be used for eligible health care expenses as defined under Section 213(d) of the IRC except for health insurance premiums.Funds can be used for any eligible health care expense as defined under Section 213(d) of the IRC, including health insurance and long-term care insurance premiums. Premiums under employer pre-tax plans are not Section 213(d) of the IRC, though they are tax deductible.Can funds be used for non-health care expenses for those under age 65?Non-health care distributions must be included in gross income and are subjected to a 20% penalty tax. An exception to the 20% penalty applies to distributions for non-qualified expenses for those individuals who are disabled or deceased.*No. A health care FSA can only be used for eligible health care expenses.No. Funds may only be used for eligible health care expenses.Can funds be used for non-health care expenses for those over age 65?Yes. Non-health care distributions must be included in gross income but are not subject to the additional 20% tax penalty.*No. The health care portion of an FSA can only be used for eligible health care expenses.No. Funds may only be used for eligible health care expenses.Can COBRA premiums be reimbursed from the account?Yes. Distributions to pay premiums for COBRA are tax-free.No. A health care FSA may not reimburse participants for premiums paid for health insurance. This includes premiums paid for health coverage under a plan maintained by the employer or the employee’s spouse or dependent.Yes. COBRA premiums may be reimbursed from the account.Must a health care expense be incurred during the plan year the contribution is made?No. Expenses are eligible for reimbursement once an HSA is established.Yes, if the plan does not have a grace period or carryover feature.No. However, reimbursements cannot be made for expenses incurred prior to the account being established.Is the annual amount of the contribution available on the first day of coverage?Only the amount currently available in the HSA may be used to pay or reimburse qualified expenses.Yes. The total amount elected by the employee for the plan year must be available on the first day, regardless of the amount contributed.The employer-designated HRA funds may be available on the first day of the plan year. However, funds can be prorated during the year if the employer elects to do so.Is third-party substantiation of expenses required?No. If audited by the IRS, the employee shows that HSA funds were used only for qualified medical expenses.Yes. Each request for reimbursement must be substantiated before it can be reimbursed.Yes. Each request for reimbursement must be substantiated before it can be reimbursed.Can the account be integrated with other accounts?Yes. An HSA can be combined with a limited purpose health care FSA for use with eligible dental and vision expenses.A health care FSA is compatible with an HRA, but only a limited purpose health care FSA can be integrated with an HSA.An HRA is compatible with an FSA, but only a limited purpose HRA can be integrated with an HSA.
Источник: https://www.optumbank.com/health-accounts/account-comparison.html

FLEXIBLE SPENDING ACCOUNTS (FSA) & HEALTH SAVINGS ACCOUNTS (HSA)

All regular, full-time employees (those who work a minimum of 30 hours per week on a 1-year academic/calendar year contract) and full-time temporary employees (who have at least a one year appointment) are eligible. Regular part-time employees (those who work a minimum of 20 but less than 30 hours per week) can enroll.

Part-time employees who work less than 20 hours per week are not eligible for benefits.

Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) make it easy for you to set aside a portion of your pretax salary and use it to pay for eligible health care expenses.

2021 FSA & HSA MAXIMUM ANNUAL CONTRIBUTION AMOUNTS

You may contribute $5,000 per calendar year per household for Dependent Child Care FSA Expenses and $2,750 per calendar year per employee for Health Care FSA or Limited Purpose Health Care FSA Expenses.

HSA annual contributions may not exceed $3,600 if you have employee only coverage or $7,200 if you have employee + spouse, employee + child(ren) or family coverage. Individuals age 55 and over may make an additional $1,000 catch up contribution. Married individuals may each make a catch up contribution, although the maximum amount that can be contributed to one HSA for the calendar year is $8,200 (the $7,200 statutory maximum plus a $1,000 catch up contribution). *Note there is a 6% excise tax on any individual contribution that exceeds the allowed annual maximum. Please consult your tax advisor.

Marquette has four accounts:

Health Care FSA (CPHP Only)

Health Care for eligible out-of-pocket medical, prescription drug, vision, and dental expenses.

Dependent Child Care FSACan be used for certified day care expenses incurred for the care of your child(ren).

Limited Purpose Health Care FSA (AHDHP & EHDHP Only)

Can be used for eligible out-of-pocket dental and vision expenses only.
Health Savings Account (AHDHP & EHDHP Only)Health Care for eligible out-of-pocket medical, prescription drug, vision, and dental expenses.

 

CPHP

AHDHP

EHDHP

HSA eligible?

NO

YES

YES

Health Care FSA eligible?

YES

NO

NO

Limited Purpose Health Care FSA eligible?

NO

YES

YES

Dependent Care FSA eligible?

YES

YES

YES

Wellness Incentive (at annual enrollment only)

YES: Health Care FSA contribution from MU

YES: HSA contribution from MU

YES: HSA contribution from MU

 

A Flexible Spending Account (FSA) allows you to budget and save for qualified medical expenses incurred over the course of your plan year. Dollars invested in a FSA are tax-free. That makes a FSA a great tool for saving money, especially when big expenses are anticipated.

Enroll within the first 30 calendar days of employment. Benefit will take effect the 1st of the month following 30 days of employment. For example, if you are hired July 15th, your effective date to participate in a Flexible Spending Account will be September 1st. You may also enroll at annual enrollment (mid-October through mid-November) for a January 1st effective date or if you experience a qualifying event. Qualifying events need to be received within 30 calendar days from the qualifying event date. The effective date of the change will be the first of the month following receipt of the change request.

While no COVID-19-related guidance has been issued (nor accommodations made) to-date with respect to Flexible Spending Accounts (FSAs), please keep in mind that Dependent Care FSA elections do have some flexibility relating to changes in daycare providers or the cost of dependent care.

This means that participants can add/increase their Dependent Care FSA elections in order to pay for daycare for school-age children who are no longer able to attend school. Additionally, participants can revoke/decrease their elections if they stop working, or if they can no longer keep their children in their existing daycare due to facility closures. When regular activities resume, participants will likely experience change in cost events (that is, qualified expenses) that would allow them to modify their Dependent Care FSA elections again. Permitted election changes must be requested within 30 calendar days of the event and must be made on a going forward/prospective basis (that is, it cannot be retroactive).

If your situation warrants that you need to make a change to your Dependent Care FSA election, please contact Human Resources Benefits at [email protected]

Do you want to know more specifics on our Flexible Spending Accounts? Click on the Summary Plan Description below.

Did you know?

With a letter of medical necessity from a provider stating weight loss is a medical necessity, Weight Watchers at Work classes are an eligible medical flexible spending account (FSA) expense (food is not included). This could include weight loss needed to control diabetes, high blood pressure, and other weight-related medical issues.

Health Savings Accounts (HSAs) are owned by the enrolled Marquette employee. The employee account holder is responsible for managing the account, and for verifying that their HSA disbursements fall within all applicable Internal Revenue Service (IRS) guidelines. If requested under IRS audit, the account holder would be required to provide supporting documentation on the use of their funds. Therefore, Marquette recommends that the employee retain supporting documentation/receipts for all HSA disbursements for one full year following the end of the tax year.

Enroll within the first 30 calendar days of employment. Benefit will take effect the 1st of the month following 30 days of employment. For example, if you are hired July 15th, your effective date to participate in a Health Savings Account will be September 1st. Changes can be made to your contribution amount when administratively possible based on payroll deadlines.

In accordance with the USA PATRIOT Act, federal law requires WEX to obtain, verify and record information that identifies each individual or entity opening a HSA. Failure to provide information requested by Discovery Benefits/WEX will result in closure of the HSA and loss of eligibility for any Marquette Contribution Incentive.

  • Enrolled in a qualified high-deductible health insurance plan (MU AHDHP or EHDHP)​
  • NOT covered under a secondary health insurance plan (e.g. spouse’s non-qualified high deductible health insurance or HC FSA)​
  • NOT enrolled in Medicare​
  • NOT another person’s tax dependent​

HSA TRANSFER FROM AVIDIA TO DISCOVERY BENEFITS/WEX in 2019

WEX (formaly Discovery Benefits) became Marquette's HSA/FSA administrator on 1/1/2019. If you did not complete the HSA transfer form in 2019 and wish to, you can complete the form and return it to one of the following:

Once you have submitted the HSA transfer form you can expect the transfer to be completed within 12-16 weeks.

Participants are able to request a additional cards at no charge.

You can request new debit cards by creating an account on line with WEX, emailing [email protected] or calling 1-866-451-3399.

If you would like to change the amount you are contributing to your HSA, contact the Benefits Team at [email protected] Once your request is receieved someone from the Benefits Team will open the enrollment portal for you and email you with instructions how to change your HSA.

 

Discovery Benefits/WEX Participant Services:

If you have questions on your 2018 HSA or FSA contact Employee Benefits Corporation (EBC), Marquette’s FSA & HSA administrator, at 1-800-346-2126 or contact Avidia Bank, the banking partner of EBC, at 1-800-508-2265.

 

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The detail of the Flexible Spending Account plan is contained in the official Plan document. This site is meant to only cover highlights of the Flexible Spending Account benefit. It does not contain all of the details that are included in the Summary Plan Description (SPD) (as described by the Employee Retirement Income Security Act). If there is ever a question about this plan, or if there is a conflict between the information on this site and the formal language of the Plan documents, the formal wording in the Plan documents will govern. Please note that the benefits described on this site may be changed at any time and do not represent a contractual obligation on the part of Marquette University.

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Источник: https://www.marquette.edu/hr/FSA.shtml

CARES Act Adds OTC Items to Eligible Expenses List

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If you have a health savings account (HSA) or flexible spending account (FSA), you can now use those funds for several common over the counter (OTC) drugs, medicines, and products.

The CARES Act of March 2020 expanded the benefits of HSAs and FSAs by removing the prescription requirement for several OTC drugs and medicines, and by adding feminine hygiene products to the list of expenses eligible for reimbursement. This means you can now use your HSA or FSA to reimburse yourself for several everyday items, or if you have a debit card associated with your account, you can use the card to pay for them directly.

Prior to the passage of the act, these items were only eligible for reimbursement with a prescription. Now that the prescription is no longer required, you can make these purchases using the pre-tax funds you've set aside.

Which OTC items are now eligible expenses?

If you have a health reimbursement arrangement (HRA) or a part of a voluntary employee beneficiary association (VEBA), check with your health plan as the eligible items may differ.

You can find a more complete list of eligible expenses here, but some of the most common items that removed the prescription requirement include:

  • Cold, cough, and flu medicine
  • Tampons, pads, and liners
  • Pain relievers and anti-inflammatory medications
  • Allergy and sinus medicine
  • Digestive aids and laxatives
  • Baby rash ointments and creams
  • Baby electrolytes
  • Sleep aids
  • Skin treatments for conditions such as eczema and psoriasis
  • Acid controllers
  • Acne medications

The expanded eligible expenses list is a permanent change and these newly added items are retroactively eligible beginning on January 1, 2020, meaning you can file for reimbursement for these items if you've purchased them since the beginning of 2020.

If you try to purchase these new items with a Further debit card, and your card is declined, it is likely because the retailer has not yet finished updating their systems to mark these items as eligible. You can keep your receipt and file for reimbursement.

Источник: https://learn.hellofurther.com/Individuals/Spending_Your_Account/CARES_Act_Adds_OTC_Items_to_Eligible_Expenses_List

How to Use Your FSA, HRA, and Commuter Benefits

 

Presentation Only - Flexible Spending Account Icon

Flexible Spending Account (FSA)

A Flexible Spending Account (FSA) is a tax-advantaged financial account that can be set up through your employer's cafeteria plan. With a FSA, participants set aside funds on a pre-tax basis each year into their account and subsequently access those funds for qualifying healthcare expenses incurred within the plan year.

How to Contribute to Your FSA

With a FSA, you elect to have your annual contribution deducted from your paycheck each pay period, in equal installments throughout the year, until you reach the maximum you specified for the year. Your employer is also allowed to make contributions to your FSA, if desired, in order to offer a greater benefit to you.

Your employer sets your plan’s annual contribution maximum, which must be within the IRS Contribution Limits. View current IRS Contribution Limits. Please review your summary plan description for your plan’s limit.

Presentation Only - Health Reimbursement Arrangement Icon

Health Reimbursement Arrangement (HRA)

An Health Reimbursement Arrangement (HRA) is a way for employers to help offset their employees’ healthcare expenses, while gaining tax advantages. Employer contributions that meet with IRS rules are tax deductible to the employer and tax-free to the employee.

Funding of Your HRA

A HRA is an employer-funded plan, so only your employer can contribute money to your account. To pay for a service or make a purchase, you need to have the available funds in your account. Your employer may allow you to roll over unused HRA funds from year-to-year, providing a potential incentive for you to be a better steward of your healthcare spending.

How to Pay for IRS-Qualified Medical Expenses With Your FSA or HRA

There are multiple ways to access funds to pay for IRS-qualified medical expenses that are eligible for reimbursement under your plan. For a list of IRS-qualified medical expenses, visit irs.gov or hsabank.com/IRSQualifiedExpenses.

NOTE: It is important to review your summary plan description for specific information regarding your plan’s eligible expenses.

HSA Bank Health Benefits Debit Card – If your plan provides a debit card, you may use your debit card at point of sale or after you receive a medical bill from your provider. Transaction amounts are automatically deducted from your account balance.

Direct Pay to Provider – Submit your claim online and include your provider’s billing address. Once the claim is validated and substantiated, a check is sent to your provider to the address you specified on the claim.

Auto-Carrier Claim Feed – This gives you the option to pay automatically from your FSA or hold in an online repository for payment at a later date.

How to Reimburse Yourself for IRS-Qualified Medical Expenses With Your FSA or HRA

After you have paid for IRS-Qualified Medical Expenses out-of-pocket, there are multiple ways to reimburse yourself for those expenses.

Direct Deposit – Sign up for direct deposit on our Member Website by providing your bank routing and account number. Submit your claim and when the claim is validated and substantiated, a direct deposit is generated the following business day into your bank account.

Check – If you don’t sign up for direct deposit, you will receive a paper check in the mail. Submit your claim and when the claim is validated and substantiated, a check is mailed the following business day to the address you have on file with us.

Streaming or Auto-Rollover – You have two options, if your employer has selected integration with your health plan. Claims are automatically transmitted from your health plan to HSA Bank.

  1. The claim is automatically processed, and you are reimbursed directly from your consumer-directed health accounts based on employer plan stacking rules, consumer eligibility, and available account balances, or;

  2. Sent to your Expense Tracker, where you can choose whether to pay from your FSA or HRA. The Expense Tracker can be accessed from either the Member Website or the Mobile App for iOS and Android devices.

 

Presentation Only - Commuter Benefits Icon

Commuter Benefits (Transit and Parking)

Commuter Benefits include Transit and Parking Accounts. These accounts enable you to pay for certain workplace transit and parking expenses on a tax-free basis through payroll deductions. Commuter Benefits are not tied to a benefit year, so the funds will remain in your account until exhausted. Election changes are not limited by a plan year and can be updated or stopped as your needs change.

* The IRS sets limits each year for maximum monthly benefits. View current IRS Limits.

Transit Account – A Transit Account enables you to set aside funds on a pre-tax basis to pay for eligible workplace mass transit expenses such as the price of tickets, vouchers, and passes to ride a subway, train, or city bus, or the costs of transportation in a commuter highway vehicle (e.g., vanpool), if such transportation is for purposes of travel between a residence and place of employment.

Parking Account – A Parking Account enables you to set aside funds on a tax-free basis to pay for eligible workspace parking expenses, parking costs at or near your primary work site as well as parking costs at the place to access transportation to work, such as a train station or vanpool stop. Parking on or near property used for residential purposes does not qualify.

How to Pay for IRS-Qualified Expenses With Your Commuter Benefits

Pay for IRS-Qualified Commuter Expenses.

HSA Bank Health Benefits Debit Card – Use your debit card at the point of sale for benefit providers such as parking garages and transit stations. Transaction amounts are automatically deducted from your account balance.

How to Reimburse Yourself for IRS-Qualified Expenses With Your Commuter Parking Benefits

After you have paid for IRS-Qualified Commuter Parking Expenses out-of-pocket, there are multiple ways to reimburse yourself for those expenses.

Direct Deposit – Sign up for direct deposit on our Member Website by providing your bank routing and account number. Submit your claim and when the claim is validated and substantiated, a direct deposit is generated the following business day into your bank account.

Check – If you don’t sign up for direct deposit, you will receive a paper check in the mail. Submit your claim and when the claim is validated and substantiated, a check is mailed the following business day to the address you have on file with us.

 

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: Discovery benefits hsa eligible expenses

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Discovery benefits hsa eligible expenses
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Источник: https://www.hsabank.com/hsabank/members/how-to-use-fsa-hra-commuter-benefits

WEX Benefits FSA Flyers Combined

Limited FSA Why should I choose a limited flexible spending account?

A limited FSA is a benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for qualified dental, vision and preventative care expenses. It pairs the new master key system with a health Savings Account (HSA). This plan offers instant access to funds for expenses you incur throughout the year. And saves you money by reducing your taxable income.

Funds on Day 1 Buy those eyeglasses or finally get those braces. All of your FSA funds are available to spend right away. Use your benefits debit card at the point of purchase. Discount Think of it like a discount on healthcare expenses at stores such as Amazon, Target, CVS, Walmart, Walgreens and more. Dollars you contribute are taken out of your paycheck before tax which means a $100 purchase would actually cost you discovery benefits hsa eligible expenses $130 without a limited FSA. * Plan ahead Think about the money you spent on healthcare expenses last year. Plan ahead and set those funds aside in a limited FSA and save 30%.*

*Based on a 30% tax bracket.

What does it cover? There are thousands of eligible items, including: • Dental and orthodontia office visits and expenses discovery benefits hsa eligible expenses glasses, contacts, prescription sunglasses, solutions and drops

Fast fact Don’t know how much to elect? Determine how much you spent on dental and vision expenses last year and estimate the amount you’ll spend this year. Any funds you contribute to the limited FSA must be spent by the end of the plan year.

Dental implants, veneers, dentures and bridges Optometrist and ophthalmologist visits and expenses

Laser eye surgery

Can I enroll? The limited FSA pairs nicely with a health savings account (HSA). However, a limited FSA cannot be paired with a medical flexible spending account (FSA). Pairing these plans allows you to spend your limited FSA dollars on eligible expenses while saving or investing your HSA dollars.

Simplifying benefits for everyone.

W017

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Источник: https://online.flippingbook.com/view/257369/9/

5 Common Expenses Now Eligible For Your HSA and FSA Funds

HTI_Blogs_5 Common Expenses Now Eligible For Your HSA and FSA Funds

by Hayden Goethe

When you participate in a health savings account (HSA) and/or flexible spending account (FSA), you’re able to contribute pre-tax funds discovery benefits hsa eligible expenses use on hundreds of eligible expenses. Recently, you gained even more flexibility in your ability to save when the CARES Act was signed into law.

This new legislation expanded the list of expenses that are considered eligible discovery benefits hsa eligible expenses including popular over-the-counter products, which you can now purchase with your HSA or FSA without a prescription. This change went into effect on January 1, 2020. That’s great news for consumers, since the average American shops for over-the-counter medications26 times each year. We’ve compiled five of the most common expenses that are now eligible for your HSA and FSA funds without a prescription.

Pain relief medications

Headaches. Muscle soreness. Sprains. There are so many reasons that you may need pain relievers. There are two common types of over-the-counter pain medications:acetaminophen and nonsteroidal anti-inflammatory drugs (NSAIDs), both of which are now among the eligible expenses available from your HSA and FSA.

Cold and flu products

Winter may be behind us, but cold and flu season never really goes away.As much as 20 percent of the U.S. population gets the flu, on average each season. Fortunately, the over-the-counter medicines you so often turn to when coping with a severe cough or congestion are now eligible expenses.

Allergy products

Thirty percent of American adults and 40 percent of children suffer from allergies. And the cost of allergies to the healthcare system is estimated at $18 billion. Those who do have allergies can now find relief with their HSA and FSA funds in the form of over-the-counter antihistamines and decongestants.

Heartburn medications

Heartburn is among the more common afflictions in this country. That’s why Americans spend billions of dollars each year on medicines that treat heartburn. The CARES Act means that these over-the-counter drugs wells fargo atencion al cliente representante HSA and FSA eligible without a prescription.

Menstrual products

The CARES Act also included menstrual care products as eligible expenses for HSAs and FSAs. Eligible products include tampons, pads and menstrual sponges. 

A note about timing: When will everything be in place for card swipes to work for now-approved OTC items?  We anticipate that SIGIS and merchant implementation of the new eligible item list will occur gradually within 4-6 weeks of the President signing the bill into law. We’re excited to let you know that SIGIS updated its eligible discovery benefits hsa eligible expenses list on Monday, April 13, 2020 for merchants to download. Current SIGIS rules require merchants to update their point of sale systems on at least a monthly basis, so you can expect benefits debit cards to work for these purchases in the next 30 days. However, it is important to emphasize that each merchant will adhere to their own timeline for completion of this process based on their unique internal considerations, and card processors have no ability to influence this. We thank the SIGIS staff and the Eligible Products List Committee (of which many of the members are WEX partners) for their hard work providing fast solutions for employers and participants.

Would you like to learn more about your employee benefits and the COVID-19 pandemic? Check out our resource page.

The information in this discovery benefits hsa eligible expenses post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.

Hayden is a content marketer for the benefits division of WEX. Hayden joined WEX in 2017 after nearly 15 years in journalism as an editor, writer, and designer. He's focused on providing thought leadership content to help our audiences get the most out of their benefits experience.

Источник: https://www.wexinc.com/insights/blog/health/5-common-expenses-now-eligible-for-your-hsa-and-fsa-funds/

Eligible Expenses

As of January 1, 2020, over-the-counter (OTC) medicines as well as feminine care products are eligible for tax advantaged benefit plans such as FSAs, HRAs, and HSAs without a prescription or physician's note. In addition, the IRS announced on March 26, 2021 that personal protection equipment (PPE) purchased on or after 1/1/2020 is also reimburseable under HFSA/HRA/HSA plans, where employer allowed.

Use your TASC Card to pay for healthcare-qualified expenses at clinics, optometrists, dentists, pharmacies, and other merchants with a healthcare inventory information approval system (IIAS) in place. It may also be used for some daycare and transportation account expenses. For a list of IIAS merchants, visit www.sig-is.org.

FSA Eligible Expenses (Healthcare FSA and Dependent Care FSA)

Dependent Care Wells fargo locations near me open today Eligible Expenses

HSA Eligible Expenses

HRA Eligible Expenses

Funded HRA Qualified Expenses

AgriPlan and BizPlan Guide to Deductible Expenses

The TASC Card is issued by MetaBank®, N.A., Member FDIC, pursuant to license by Mastercard International Incorporated.

Источник: https://www.tasconline.com/

5 Surprising Eligible Expenses For Your HSA and FSA

surprising HSA eligible expenses

by Hayden Goethe

A health savings account (HSA) or medical flexible spending account (FSA) can be used to purchase eligible expenses, and the list of things that are eligible is sizable and growing. For example, as part of a pandemic relief package in March, many over-the-counter (OTC) products that once required a prescription were permanently reinstated as HSA/FSA eligible expenses. 

Check out our episode of our Benefits Buzz podcast as we quiz three new employees on what’s HSA and FSA eligible, or keep reading for are five things you may not know you can use your benefits debit card for.

Feminine hygiene products

The CARES Act was designed to help Americans during COVID-19. Among its provisions, it reverses laws put in place by the Affordable Care Act that stipulated an HSA could only be used to reimburse accountholders for those OTC items for which they had a prescription. One important addition to the list of eligible items: Certain menstrual care products, such as tampons, pads and menstrual sponges. 

Mental healthcare 

Psychiatric treatment, substance abuse treatment, and smoking cessation products/programs are all eligible for your HSA and FSA funds. Psychological care is also eligible if provided for mental care (and not just for the general improvement of mental health, relief of stress, or personal enjoyment). If you need to travel to obtain mental health services, you can also use your HSA to pay for lodging and meals.

Alternative therapies 

Acupuncture and chiropractic treatments are eligible for your HSA and FSA funds. Massage therapy is also eligible with a prescription. For the latter to be eligible, your doctor would need to fill out a letter of medical necessity.

Pregnancy tests and fertility tests/treatments

Whether you’re trying to conceive or trying to determine if you already have, you can use your benefits debit card to pay discovery benefits hsa eligible expenses. Ovulation or fertility monitoring is also eligible. Additional eligible childbirth-related expenses include: 

  • Maternity support belts
  • Prenatal vitamins
  • Breast pumps
  • Birth control
  • Vasectomies 

Sunscreen and acne skincare products

You can use your HSA or FSA to put your best face forward. Because acne is considered a medical problem and not a cosmetic problem, you can purchase acne cleansers, gel and creams, even at-home light therapy kits with your benefits debit card. Use it, too, for visits to a dermatologist to assess or treat acne. And all sunscreen products are also eligible, including tinted sunscreen lotion and eye cream with SPF.

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Hayden is a content marketer for the benefits division of WEX. Hayden joined WEX in 2017 after nearly 15 years in journalism as an editor, writer, and designer. He's focused on providing thought leadership content to help our audiences get the most out of their benefits discovery benefits hsa eligible expenses https://www.wexinc.com/insights/blog/health/5-surprising-eligible-expenses-for-hsa-and-fsa/

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