Health Reimbursement Account (HRA)
The deductible reflected in the Highmark system will be $1,000 per individual, with a maximum limit of $4,500 per family. Bankers and spouses who complete and submit a health affidavit form will receive $250 in deductible credit for each factor that was marked as satisfactory.
This will potentially reduce your deductible responsibility down to $500 per individual. Children will be combined to work towards meeting the same deductible of $500. To receive reimbursement for any deductible expenses incurred, you will need to submit a claim form and a copy of your explanation of benefits (EOB) to WEX.
Click here to register or log into your WEX user account.
Click here to find out how to download the WEX mobile app.
Please click on the link below to see a flowchart on how it works. You will also find the necessary claim form for submitting a deductible expense for reimbursement.
Types of Flexible Spending Accounts:
This plan is a great way for you and your family to save money by reducing your taxable income. By enrolling in one or both of these accounts, you can pay for eligible, uninsured health and dependent care expenses with pre-tax dollars. The following is a brief description of the accounts available through your employer:
Healthcare Spending Account: This account will reimburse you with pre-tax dollars for health care expenses not reimbursed under your family’s health care plan(s). Refer to the Election Form for the maximum amount you may contribute to this account for the plan year.
Dependent Care Spending Account: This account will reimburse you with your pre-tax dollars for day-care expenses for your child(ren) and other qualifying dependents. You can contribute up to $5,000 a year or $2,500 if you are married and file separate tax returns.
Eligibility
The Spending Accounts are voluntary. You may participate regardless of whether or not you are enrolled in a medical plan through your employer.
Flexible
Spending Account (FSA)
Fidelity Bank offers bankers a comprehensive cafeteria plan including pre-tax contributions for banker medical and dental insurance premiums, and, a health care reimbursement account form unreimbursed health care expenses of the banker and their dependents.
How FSA works
Each year during the Open Enrollment period, you decide how much, if any, you want to contribute to the health and dependent care spending accounts. The maximum election for the Dependent Care Spending Account is $5,000 a year; or $2,500 if you are married and file separate tax returns. The most that you can contribute to your Health Flexible Spending Account in any plan year is $2,750.00 or the annual inflationary maximum contribution amount as determined by the Patient Protection and Affordable Care Act (PPACA).
Each pay period, the money is deducted before taxes are withheld in equal increments from your pay and contributed to your healthcare and/or dependent care account(s).
When you have an eligible expense, submit a claim form to WEX for reimbursement a detailed receipt for healthcare expenses not covered by your medical or dental plan(s), and/or dependent care expense.
You will then be reimbursed for your eligible expenses up to the full amount you contribute to the health care spending account for the plan year. You will only be reimbursed up to your account balance for the dependent care account.
You have 90 days from the end of the plan year to submit claims incurred in the previous year and/or the grace period.
Claims can be scanned via mobile device while using the WEX mobile app, mailed, faxed, or e-mailed to WEX but please do not submit the same claim more than once.