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Flexible Spending Accounts

Flexible spending accounts enable employees to pay for eligible health (medical, dental and vision) and/or dependent care expenses with pretax dollars, thereby reducing their tax burden.

How Flexible Spending Accounts Work

Employees elect a portion of their salary and pay into the flexible spending accounts via pretax payroll deductions withheld throughout the calendar year. These dollars are held in an FSA account and are not subject to federal, state or Social Security taxes. Reimbursements are made as employees incur out-of-pocket expenses for qualifying health and/or dependent care services. The amount you elect to set aside will be deducted in equal amounts from your paychecks though the end of the plan year.

Brandeis University flexible spending accounts are managed by a third-party administrator, HealthEquity/WageWorks. You can contact HealthEquity/WageWorks at 877-924-3967.

Enrollment

Eligible employees enroll through their Workday new hire benefit task within 31 days from their start date, within 31 days of when you first become eligible for the plan. If you do not enroll when you first become eligible for the plan, you may enroll during the two week annual open enrollment period (usually late October/early November) for the Plan Year beginning January 1.

Once you have completed your enrollment in a flexible spending plan in Workday and your election has been approved by the benefits unit, you will need to set up an account with HealthEquity/WageWorks. Your online account will enable you to submit claims for reimbursement and check account balances and claims in process.

Coverage begins on the first day of month that coincides or follows date of hire, new eligibility or January 1 of the plan year following election during open enrollment
Eligible expenses only incurred on or after your effective date

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Online Registration Instructions

From the HealthEquity.com homepage select Log In> WageWorks> Employee Registration, click Register link

First-time users will be required to provide the following details to authenticate their accounts:
- First and last name.
- Date of birth.
- Home ZIP code.
- Last four digits of employee ID number. Example: For ID number 10025555, enter 5555. You can find your eight-digit Brandeis ID number in Workday. After logging in, click the icon of the cloud in the upper-right corner of the page and select your name; this will bring you to your profile page. There, you'll find your Employee ID number on the right side of the page, under "Job Details."
Once you have completed the required steps for registration, you will now view your Dashboard.
On your Dashboard, you will find your flexible spending account(s) election(s). You will also see your options for commuter benefits.

Changes

Elections for flexible spending accounts are pre-tax and are generally irrevocable for the plan year under Section 125 of the Internal Revenue Code. However, the Internal Revenue Service (IRS) provides specific instances and timing of when an employee can make midyear election changes. As we offer these plans pre-tax, we must abide by IRS rules for making changes. Changes may only be made during the annual open enrollment period or with qualifying events within the 31-day window and required documentation. Exceptions are prohibited.

Coverage End

End of employment or eligibility - Coverage ends last day of employment or eligibility
Grace Period – incur expenses through March 15^th following the plan year.
Carryover - incur expenses through December 31^st of the plan year.
Reminder - You must re-enroll each plan year you wish to enroll during the two week annual open enrollment period typically at the end of October or beginning of November each year.

Forfeiture of Contributions

Grace Period - The IRS requires that any funds not used by the end of the eligibly date must be forfeited. Because of this "use it or lose it" forfeiture requirement, it is essential that you estimate your expected dependent care expenses carefully.
Carryover Limit- For any funds not used by the end of the plan year (December 31) a fixed amount (according to IRS limits) may be carried into the new plan year. This amount is added to your annual election amount and cannot be used for expenses incurred in the previous plan year.
End of employment or eligibility- you can submit claims for reimbursement for expenses incurred through the last day of employment.
- Health Care/ Limited Purpose FSA -You can claim the full amount elected or at least up to the amount deducted though your last day without forfeit. If you do not enough expenses to be reimbursed the amount deducted those funds are forfeit or you may be able to elect COBRA to keep the account active to incur expenses following the end date.
- Dependent Care FSA - As funds are only available as you make contributions you may only claim expense for the amount deducted. COBRA is NOT available with Dependent Care.

Deadline to Submit Claims

You have four months (April 30) following the end of a plan year (December 31) to submit claims for expenses incurred during the plan year or through the end of the grace period (March 15 following end of a plan year) for reimbursement.