Carrying Over Your 2014 Flexible Spending Accounts

Are you considering how much pre-tax money you should be setting aside in your 2015 Healthcare and Dependent Care Flexible Spending Accounts? Have a conversation with your covered dependents to accurately designate the correct amount of money you plan to use in 2015. Who needs a new pair of glasses? Think about how much your child's braces will cost. Consider summer camp expenses and daycare. Need help? The WageWorks® website is a great resource, packed with tools that will make your decision-making educated and easy.

Still Have Money Left Over from 2014?
The health system has extended the use of your 2014 Dependent Care and Healthcare FSA money through March 15. Services or products need to be utilized by March 15 and claims need to be filed by March 31, or you will lose it.

In comparison, the U.S Treasury announced the Use It or Lose It ruling last year, allowing participants to carry $500 of unused Healthcare FSA money only. The health system's generous three month grace period allows you to spend whatever amount you have leftover, and does not just limit you to $500, or to just Healthcare spendings, it also includes your Dependent Care spendings.

File Claims for 2014 through March 31, 2015
If you have money left in a 2014 Healthcare or Dependent Care FSA and plan to use it between January 1 and March 15, 2015 - don't try using that 2014 Debit Card - it will be declined. And don't use your new Debit Card, because it will then be depleting your 2015 account.

Any Healthcare of Dependent Care FSA money left from 2014 should be filed through a claim only - not a WageWorks Debit Card - by March 31. Read more about how to file a claim for a Healthcare FSA or Dependent Care FSA.

Each year you participate in an FSA, WageWorks will email you your annual savings statement at the end of the year. Very cool!

EZ Receipts App Eliminates Paper

If you participate in the pre-tax payroll deductions through WageWorks®, check out the new mobile app now offered for your iPhone, Blackberry or Android. EZ Receipts™ allows you to manage your healthcare, dependent care and commuter benefit accounts while on the go. No more copying, mailing or faxing, with EZ Receipts all it takes is a few clicks and you are done.

Access the App

• First step- register with WageWorks by creating an online username and password. Visit wageworks.com and follow the prompts
• Learn about the Mobile Site and download the app by visiting wageworks.com/aboutmobile

Mange Your Accounts

• Snap a picture of your receipt(s) and send right to your account - it's that easy!
• In addition to submitting, you can also view your claims and activity, and profile and preferences

To learn more, view this helpful video from WageWorks.

Better Late Than Never

It is a well known fact that a good percentage of employees do not chose to participate in Flexible Spending Accounts because they are afraid they may lose the pre-tax dollars they put aside come the end of the year. Well rest easy -  each year the health system gives its FSA participants a three month grace period for their healthcare account. This gives you the opportunity to spend what's leftover in 2013 rather than losing it in 2014.

Use It or Lose It Rule
For those organizations that do not offer such a generous grace period - the U.S. Treasury recently announced a modification to its "Use It or Lose It" ruling. This modification now allows participants to rollover $500 of unused dollars into 2014. Keep in mind, This rollover does not pertain to North Shore-LIJ Flex Spending participants due to the grace period already in place.

North Shore-LIJ Grace Period
The health system's generous 3 month grace period allows you to deplete your account in its entirety and does not limit you to only $500. This extension gives you the opportunity to purchase most eye-related products, orthopedic and surgical supports, blood pressure monitors, dentures and so much more.
So go ahead and be consumer savvy - put aside those pre-tax dollars during 2014's Open Enrollment, you've got nothing to lose!

Healthcare FSAs allow you to set aside a minimum of $150 and a maximum of $2,500 per year to pay for expenses not covered in your medical plan, such as co-pays and other out-of-pocket costs. This account will come to you in the form of a Debit card giving you convenient access to your funds.
Dependent Care FSAs allow you to set aside a minimum of $150 and maximum of $5,000 per year to pay for dependent care expenses for children under the age of 13, disabled adults or elder care.