Monmouth University offers eligible full-time employees participation in the Flexible Spending Program for healthcare and/or dependent care. Employees may choose to defer a portion of their salary on a pre-tax basis to cover certain health-related expenses or to cover the cost of eligible dependent care.
Both types of Flexible Spending Accounts are governed by IRS regulations. The plan year for the Flexible Spending Account is January 1 through December 31. Eligible expenses must be incurred while actively employed during the plan year, and no later than March 15 of the following calendar year if still actively employed (the plan “grace period”). Eligible expenses must be submitted for reimbursement no later than March 30. Please review the Summary Plan Document for full details regarding plan benefits.
Administration of the flexible spending account will continue with WageWorks and the addition of the WageWorks debit card which can be used for reimbursement of eligible expenses. This smart card will be issued to enrollees the first week of January and can be used in the following options:
- as a credit card where Visa credit cards are an accepted form of payment
- Pay My Provider option set up on the Wage Works site
- Pay Me option where submission of an explanation of benefits and/or documented receipts are required for reimbursement
You can review the Notice of Privacy Practices by clicking HIPAA Notice of Privacy Practices
Important Information Regarding Over-the-Counter (OTC) Reimbursements
Over-the-counter medication and/or health related purchases are only reimbursable in specific instances. It is important to refer to the Summary Plan Document to find out which expenses might be eligible.
IRS guidance related to this new provision indicates that a distribution from a Healthcare FSA for a medicine or drug is a tax-free qualified medical expense only if (1) the medicine or drug requires a prescription, (2) is an over-the-counter medicine or drug and the individual obtains a prescription, or (3) is insulin. These rules do not apply to OTC items that are not medicines or drugs including but not limited to equipment (such as crutches), supplies (such as bandages) and diagnostic devices (such as blood sugar test kits).