The healthcare flexible spending account (FSA), administered by WageWorks, allows you to set aside a portion of your annual earnings on a before-tax basis to pay for eligible healthcare expenses that you incur during the year.
You can contribute between $250 and $2,500 per year. Your domestic partner and/or your domestic partner’s children are not eligible for the healthcare FSA unless they qualify as your legal dependent under federal law.
Beginning in 2017, Lowe’s will no longer offer a carryover balance to the next year. Employees may carryover up to $500 from their 2016 healthcare FSA into 2017 but any unused funds at the end of 2017 will be forfeited. Also, employees must submit their eligible expenses by March 31, 2018 for expenses incurred between January 1, 2017 and December 31, 2017. Refer to this chart for more information.
|Plan Year||Dates for eligible claims:||Last date to file for eligible claim:||Amount that can be rolled over into following year:|
|2016||Jan. 1, 2016-Dec. 31, 2016||May 31, 2017||$500. Unused funds over $500 will be forfeited|
|2017||Jan. 1, 2017-Dec. 31, 2017||March 31, 2018||$0. Any unused funds will be forfeited|
What it covers:
The healthcare FSA covers certain medical expenses, including:
- Amounts for copayments, deductibles, and coinsurance.
- Expenses not covered by medical, dental, vision, or pharmacy plans.
To learn more about the healthcare FSA and qualifying expenses, click here or call 1-877-924-3967. You must be logged in to My Lowe’s Life to access the WageWorks website. If you are not logged in to My Lowe’s Life, you will be prompted to enter your employee ID and password.
Important information about the healthcare flexible spending account:
- Eligible expenses can be paid with your WageWorks debit card. There are times when you will have to submit your receipt(s) to WageWorks to make sure the expense(s) qualify under IRS rules. Keep all your receipts, and provide copies to WageWorks if requested.
- The FSA is available for eligible expenses incurred by you and/or your eligible dependents.
- You do not need to enroll in the Medical, Dental, and/or Vision plan in order to enroll in the healthcare FSA.
- You cannot enroll in the plan if you are enrolled in the Lowe’s Choice Account Plus or Choice Account medical plans or another high-deductible health plan outside of Lowe’s.
- Due to IRS rules, over-the-counter medications are not eligible for FSA reimbursement without a prescription.
- To participate in the FSA, you must re-enroll each year. Your annual pledge will not carry over.