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Finance & Administration Human ResourcesGUIDE TONEW EMPLOYEE BENEFITS Effective Date: 7/1/24RETIREMENT | HEALTH DENTAL | VISION FLEXIBLE SPENDING HSA | WELLNESS TIME OFFWelcome Home The University

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How to fill out healthcare flexible spending account

01

Enroll in a qualifying high deductible health plan.

02

Calculate your estimated healthcare expenses for the year.

03

Determine how much to contribute to your FSA account based on your estimated expenses.

04

Set up automatic payroll deductions for your FSA contributions.

05

Keep track of your healthcare expenses and save receipts for documentation.

06

Submit reimbursement claims for eligible expenses through your FSA account.

Who needs healthcare flexible spending account?

01

Individuals who anticipate having out-of-pocket healthcare expenses throughout the year.

02

Employees who want to save on taxes by using pre-tax dollars to pay for medical costs.

03

Anyone looking to budget for healthcare expenses and have the convenience of using a dedicated account for medical expenses.

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What is healthcare flexible spending account?

A healthcare flexible spending account is a pre-tax savings account that can be used to pay for eligible medical expenses.

Who is required to file healthcare flexible spending account?

Employees who choose to participate in a healthcare flexible spending account offered by their employer are required to file it.

How to fill out healthcare flexible spending account?

To fill out a healthcare flexible spending account, employees need to provide information about eligible medical expenses incurred during the plan year.

What is the purpose of healthcare flexible spending account?

The purpose of a healthcare flexible spending account is to help employees save money on out-of-pocket medical expenses by using pre-tax dollars.

What information must be reported on healthcare flexible spending account?

Employees must report expenses such as doctor visits, prescriptions, and medical equipment purchases on their healthcare flexible spending account.

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