The Health Care Flexible Spending Account (HCFSA) allows you to set aside money to pay for eligible health care expenses with pre-tax dollars. You can only have an HCFSA if you are enrolled in the Standard Plan or if you waive Baker Hughes Medical plan coverage.
Use the account to pay for eligible expenses. Examples include:
- Medical and dental plan deductibles, copays and coinsurance
- Prescription drug copays and coinsurance
- Certain over-the-counter drugs with a prescription
- Vision expenses
Refer to IRS Publication 502 for more information.
- You can be reimbursed for eligible expenses before the money is in your account, up to the total amount you elect to contribute for the year.
- Medical and Prescription Drug claims are submitted automatically.
- You must file Dental and Vision claims.
- Claims must be incurred during the plan year (January 1 – December 31) and submitted to UHC by March 31 of the following year to be eligible for reimbursement.
- You will not receive an ID card for the HCFSA.
- Any money you do not use by the end of the year is forfeited.
You may contribute a minimum of $60 and a maximum of $2,700 in 2020.
The amount you elect to contribute to your FSA during Annual Enrollment will be deducted from your paycheck.