As you may know, new COVID relief legislation was recently released allowing organizations to offer more options with regards to the Flexible Spending Accounts for 2020 and 2021. I am pleased to share that Wellesley College has chosen to adopt the following changes to allow eligible employees more flexibility with respect to their Flexible Spending Account (FSA) and/or Dependent Care Flexible Spending Account options.
In order to make a change, please follow these Workday steps above.
- Face Masks are eligible
- Gaiters and Face Shields are not eligible.
- Masks with vents and valves are not eligible
- Gloves still require an LMN as they are dual purpose
- Only Hand Sanitizer and Hand Sanitizing Wipes are eligible
- Sanitizing Wipes for surfaces are not eligible (i.e. Clorox Wipes & Lysol Wipes
Changes to your election amount must be made in Workday prior to July 31, 2021. Workday Instructions can be found above.
Under the tax code, Dependent Care FSAs are subject to a nondiscrimination testing requirements. If the Dependent Care FSAs fail this test, we may need to reduce the elections made by highly compensated employees to bring the Dependent Care FSAs into compliance.
There are several available options to manage your account with WageWorks/Health Equity, file a claim or ask questions:
Online Account – For first-time users, please register for online access.
Mobile App – View your account on your mobile phone, take a picture of your receipt, and file your claim. (Your account must first be activated/set-up prior to using the Mobile App)
Phone – 877-924-3967 or use the Live Chat function within your online account.
What is an FSA? Review the FSA Brainshark video to understand your FSA Accounts.
IRS Account Limits for 2020 & 2021: Current limits are $2,750 for healthcare FSA and $5,000 for the dependent care FSA
Flexible Spending Accounts (FSAs) allow you to set aside tax-free dollars to pay for predictable health care and dependent care expenses. The College offers two accounts:
- Health Care FSA (for eligible medical, dental and vision expenses)
- Eligible Healthcare FSA Expenses (WageWorks)
- Eligible Healthcare FSA Expenses (IRS Publication 502)
- If you participate in the PPO Plus HSA Plan, you may participate in a "Limited Purpose Health Care FSA."
- Carryover Provision: You may carry over up to $500 of any leftover Health Care FSA contributions for use in the following year.
- Dependent Care FSA (for eligible daycare expenses for a child or elder)
Because the IRS governs these accounts, you must make a new election each year if you want to participate. You are also required to use your account balance by the end of the calendar year or you will lose the remaining balance.
To contact WageWorks, go to www.WageWorks.com or call 1-877-924-3967.