HealthCARE FSA

A Healthcare flexible spending account (FSA) is a pre-tax account dedicated to healthcare spending that is not already covered by an employee’s insurance. This account allows you to elect to have access to a maximum of $2850 (2022) starting from the first day of your plan.

This allows employees to have immediate access to healthcare funds for both themselves and their dependents. Your Healthcare FSA election amount can’t be changed during the year unless you experience a qualifying life event such as a marriage or a birth. A Healthcare FSA plan also can’t be taken with you in the event that you leave Madison House, the money will be forfeited. 

Madison House’s healthcare FSA plans begin December 1st and lasts through November 30th and allows for you to roll up to $500 to the next plan year if unspent.

Savings

Flexible Spending Accounts are a great way to save money on out-of-pocket medical expenses. By using pre-tax dollars, you are essentially saving 30% on your eligible medical, pharmaceutical, dental and eye care costs. The only challenge is figuring out how much money to set aside.  It is important to accurately estimate your annual election amount based on approximately how much you typically spend on healthcare annually.

Important Plan Details:

**If you have more than $500 unspent, you must either use it before your plan year is over or the money will be forfeited. 

**You will have until March 1st to submit receipts for the previous plan year.

**If you do not enroll in the new year, but have funds under $500 rolling over from the previous year you must wait to submit receipts until March 1st. The period between December 1st and March 1st is the receipt submission period for the previous year.

**The $500 rollover will continue every year even if you don’t enroll in the new plan year. i.e. if $100 is unspent it will roll over year after year provided you are still employed at Madison House.

** Open enrollment begins November 1st

Examples of Healthcare FSA eligible expenses:

  • Dental

  • Counseling (for treatment of medical of a medical condition)

  • Eye examinations and prescription eyeglasses

  • Diagnostic services

  • Hospital services and fees

  • Vaccinations

  • Feminine Hygiene products

  • Medical (co-payments, co-insurance, deductibles)

  • Ambulance and emergency health services

  • Psychiatric care/ therapy

  • X-rays and Body Scans

  • OB/GYN visits

  • Over-the-counter medication

  • Operations (for non-cosmetic purposes)

Most drug stores have the FSA eligible items marked on your receipt. Online stores (FSA Store, Amazon, CVS etc.) will have the FSA eligible items clearly marked or even have sections on their website.

FSA Debit CarD

You will receive an FSA Debit card in the mail shortly after you enroll in the FSA. This can be used for copays and prescriptions. Amounts that are not the standard copay amount or not at a pharmacy will require receipts. Save all your receipts until the plan year is over.

Recommendations for Ease of USe

1) Install the EZ Receipts app. You can check you balance, status of a claim and submit receipts easily through the app. The app is easier to use than the website. You can easily snap a photo with your phone through the app to submit a claim for reimbursement.

2) Setup Direct Deposit through the app for ‘pay me back’ claims. After setting up direct deposit it takes 2-3 business days for the direct deposit details to be connected to your account. Normal claims take 2-3 business days to process and deposit into you account.

LEAVING MADISON HOUSE

You have 30 days from the last day of employment to use your Healthcare FSA funds. All funds that have not been claimed before the 30 day period will be forfeited.