PayFlex provides the College’s flexible spending options. Currently, these include medical and dependent care options. You may elect to have a portion of your pay reserved to cover these expenses with pre-tax dollars. FSA and DCRA accounts allow eligible faculty and staff to reduce their taxes through pre-tax deductions to pay for uncovered medical expenses, such as co-payments, glasses, or massages (when medically necessary), or for work-related dependent care. Enrollment is open each December for the following calendar year (Jan-Dec).
Effective 1/1/2014, employers that offer Healthcare FSA programs have the option of allowing participants to roll over up to $500 of unused funds at the end of the plan year. Williams had decided to amend our plan for 2014 which will allow carry over into 2015, and in future years.
Per Health Care Reform Changes in Healthcare FSA effective 1/1/2011, over-the- counter medications are not eligible for reimbursement through a Healthcare FSA without a prescription.
- FSA – flexible spending account
- Healthcare FSA – flexible spending account for medical expenses (formerly MERA)
- MERA – medical expense reimbursement account
- DCRA – dependent care reimbursement account
The Pay Flex Health Hub website offers easy-to-use planning tools, personal health assessments, financial calculators, and account management dashboards.
- Savings Calculator, which can help you itemize un-reimbursed healthcare and dependent care expenses and estimate the amount of your annual flexible spending if you should choose to participate.
- Dependent Care Tax Credit Wizard, which is designed to help you determine the best way for you and your family to take advantage of the tax savings allowed by the IRS.
- Eligible Expense Items, which helps you determine if your expenses are eligible or ineligible for reimbursement.
- Getting Reimbursed for Orthodontia Expenses, explains the process to submit an itemized statement/paid receipt, the orthodontist’s contract/payment agreement, or monthly payment coupons.
In addition, the PayFlex Mobile Phone App allows you to keep track of and manage your flexible spending account from your smart phone.