Flexible Spending Accounts (FSA)
We know that health care and dependent care expenses can add up quickly, so WWT offers you a selection of Flexible Spending Accounts (FSAs), which allows you to pay for these expenses with pre-tax dollars and save money, too.
Through your FSA, you can set aside money on a pre-tax basis to reimburse yourself for eligible expenses. Your pre-tax contributions decrease your federal taxable income, so you pay less in taxes, and you don’t pay taxes on the funds if you use your account to pay for qualified expenses.
What’s new in 2018?
The Health Flexible Spending max amount has increased to $2,650!
Health FSA: You can contribute up to $2,650 in calendar year 2018 to the Health Care FSA to pay for eligible out-of-pocket health care expenses such as health, dental, prescription drug, or vision plan deductibles, co-pays and coinsurance, eyeglasses, contact lenses and hearing aids. Enrollment in WWT’s health/dental plan is not required to participate in the health care FSA.
There is also a list of eligible expenses available.
Dependent Care FSA: You can contribute up to $5,000 per household in calendar year 2018 to the Dependent Care FSA to pay for eligible dependent care expenses such as licensed day-care, preschool or childcare services.
Hawaii Employees Only: You are eligible to enroll in Parking Flexible Spending. Parking FSA allows a maximum contribution of $255 per month. WWT will cover $150 of this cost.
San Francisco Bay, New York City, DC Area Employees Only: You are eligible to enroll in Public Transportation FSA. This benefit allows a maximum contribution of $255 per month. You must work in one of these offices to qualify for this benefit. To enroll in Transportation FSA, please reach out to email@example.com.
If you are enrolled in Flexible Spending for 2017, here are a few things you should know:
- You have a grace period through March 15, 2018 to use funds that you elected for 2017. Funds not used by March 15th will be forfeited. If you still have money to spend before this grace period ends, we recommend checking out fsastore.com.
- Be sure to go to umr.com Account Balances View My FSA Manage My Expenses to verify that all your transactions have been substantiated and UMR does not need any receipts.
- If receipts are needed, you can submit documentation to UMR by one of the following methods:
- Upload receipts to umr.com by clicking FSA Website Instructions
- Fax to 1-877-390-4782
- Email to firstname.lastname@example.org
- Call UMR at 1-866-868-0145
- Mail to UMR at UMR Customer Service, PO Box 8022, Wausau, WI 54402
- If your current Mastercard has not expired, it will be reloaded with your 2018 elections on January 1, 2018. You will only receive a new debit card if your current card has expired. REMEMBER TO CHECK YOUR EXPIRATION DATE.
- You must re-enroll in Flexible Spending for 2018 between December 1st and December 15th.
We encourage you to visit www.umr.com and review your expenses for 2017.