WageWorks is the administrator for Syracuse University’s Flexible Spending Accounts. WageWorks is committed to providing better service, faster reimbursement, and easier and more convenient ways to file a claim for eligible health care or dependent care expenses. For more information on WageWorks and FSAs – including the EZ Receipts app that allows you to file claims right from your smart phone or other mobile device – check out some of the videos, tools and information posted on the links below. (Note: The resources cover various FSA programs, some of which use a “health care card” for expenses. SU’s program does not use one, so disregard any “card” references).
Flexible Spending Accounts (FSAs) allow you to set aside pre-tax dollars for eligible health care and dependent care expenses. The advantage of an FSA is that you do not pay any federal, state, or social security (FICA) taxes on the money you contribute to it. Your contributions are automatically deducted in equal installments from your paychecks before taxes are calculated. The taxes you save and the effect on your paycheck depend on your personal situation (e.g., your household income, tax bracket, and the amount you contribute to each account). You may change the amount you contribute for the next calendar year during the fall Open Enrollment period. During the plan year, you may change your contribution only if you experience a qualifying event such as marriage, divorce, birth or adoption of a child, or change in employment status.
IRS regulations require that you use the money in your Flexible Spending Account (FSA) for eligible expenses incurred during the plan year. Expenses are considered “incurred” when the service is provided, not when you are billed or pay for the service. The IRS now allows you to carry over into the next year up to $500 in unused funds in your health care FSA; anything over $500 left in the account at year’s end is forfeited. You are NOT permitted to carry over funds from a dependent care FSA; any balance remaining at year’s end is forfeited. That is why it is important to estimate your health care and/or dependent care expenses carefully before electing your contribution amount for the year. Each benefit plan year runs from January 1 to December 31.
Flexible Spending Account Options
- Overview of FSAs
- FSA Quick Start Guide
- FSA Eligible Health and Dependent Care Expenses
- Yes, That’s Eligible
- Script It: Save on OTC drugs
- File a Successful Claim
- Who and What Are Eligible
- Use your Health FSA to Save for Orthodontia
Interactive FSA Tax Savings Calculators
Important FSA Forms
Questions? Contact the HR Service Center at 443-4042 or e-mail email@example.com.
The web pages summarize your Syracuse University benefit options. Every effort has been made to ensure this information is accurate. However, the programs are governed by legal documents and insurance contracts. If there is any difference between the information on these web pages and the official documents and contracts, the official documents and contracts will rule. Our benefits are governed by current laws and operated according to Internal Revenue Service (IRS) regulations. We will notify you if changes in plans are necessary to comply with the law or with IRS regulations.
Employees electing to participate in the SU benefit plans are bound by the terms of the governing Plan documents. If you have any questions regarding the plans, you may request a copy of the Plan document from the Plan Administrator by contacting the HR Service Center at the number indicated at the end of this page.
As is the case with all benefits offered by SU, (1) the Plan Administrator has the discretionary authority to interpret the terms of the Plan and such interpretation will be binding on all interested parties to the fullest extent permitted by law, and (2) the University reserves the right to modify or terminate the Plan at any time.