- Nov
- 6
- 2017
Consider enrolling in the 2019 Flexible Spending Accounts
Every year you have the opportunity to save over 30% on health and/or dependent care out-of-pocket expenses by enrolling in a Flexible Spending Account (FSA). With 2019 benefits open enrollment right around the corner now is the time to think smart about how to save in 2018. Open enrollment is the only time of year you can elect to participate in these savings accounts – don’t miss out on November 26!
Do you have children under the age of 13 or an elder parent that you care for? If so, consider the Dependent Care FSA. This account allows you to set aside pre-tax dollars (a minimum of $150 per year and up to $5,000 per year) to pay for dependent care expenses, such as child care, elder care or the care of a disabled spouse through payroll deduction. This includes those expensive summer camp programs!
Do you spend a significant amount of money out-of-pocket on health care products and services for you and your dependents? If so, consider the Healthcare FSA. This account allows you to set aside pre-tax dollars (with a minimum of $150 per year and a maximum of $2,700 per year) through payroll deduction for out-of-pocket medical, prescriptions, dental and vision care expenses incurred by you and your eligible dependents. This is a great way to save on orthodontic work and eyewear – it even covers preventive care products, such as sunscreen.
Important to note: If you enroll in the new High Deductible Health Plan + Health Savings Account (HSA) your Healthcare FSA will be limited to just your out-of-pocket dental and vision expenses.
The term pre-tax: this means you are saving money! The money that you set aside is not taxed by the government. On average, you can save 30% when enrolling in a FSA.
Payroll deduction: this means your investment in savings is automatically calculated by our payroll team and divided into your paychecks throughout the year. You’ll be able to see the calculated deduction in the open enrollment module, so you’ll understand exactly what your deduction will be.
Grace period: A grace period is a period of time, usually during which a past due amount can be paid with little or no penalty. Each year Northwell extends the deadline to deplete your FSAs through March 15 of the following year. So if you still have funds in your 2018 account(s) it’s not too late to spend.
Be smart about your benefits in 2019, enroll in an FSA!
Do we lay out the funds and then get reimbursed for the Dependent care?
Yes
What if the service was from previous year and you are still making monthly payments to the doctor’s office? My daughter recently got braces on (2018), and I worked out a monthly payment plan with the orthodontist for 2019. Can I deduct those payments even though they are from a service done in the previous year?
Lisa – Best to talk to your provider and see if they can put a partial invoice into 2019. Some offices will work with you.
how and where do I sign up!
Hi – You had to enroll in an FSA during 2019 open enrollment which closed on Dec 7.
Is the wageworks card being replaced by the payflex card? I received a new payflex card for FSA and I want to confirm that this is from Northwell and not a scam.
Yes – PayFlex has replaced WageWorks as of January 1, 2019.