Vendor Update - Optum Financial
ConnectYourCare is now part of Optum Financial. Optum Financial will replace the ConnectYourCare name and brand throughout the member experience.
- Customer service offerings will remain the same.
- Payment cards will not be reissued - use the same card until it expires.
- Use the same online account and mobile app to manage your account
A Health Care Flexible Spending Account (FSA) allows you to set aside tax-free dollars each year for health care expenses not covered by insurance. You may use these funds to pay for eligible health care expenses incurred by you, your spouse and your qualified dependents.
What are the benefits?
- Pre-tax contributions reduce your taxable income.
- Easiest way to pay for everyday out-of-pocket eligible health care expenses with tax-free money.
- Your total annual Health Care FSA contribution amount is available immediately at the start of the plan year.
- You can carry over up to $550 remaining in your account from one plan year to the next, so there is minimal “use-it or lose-it” risk.
- Multiple self-service tools available to easily manage your Health Care FSA and payment card transactions.
How does it work?
- Use the tax-savings calculator or annual expense estimate worksheet to help determine how much you should contribute per year.
- Your annual contribution is deducted pre-tax from your paycheck in equal amounts throughout the plan year and deposited into your Health Care FSA.
- As eligible health care expenses are incurred, you can either use your payment card to pay at the point of purchase or submit a request for reimbursement.
- Manage your account 24/7 via the Optum Financial/myCYC mobile app or CYC Online Account.
Most full-time or part-time state and university employees are eligible to participate in a Health Care FSA.
Employees who are classified as fellows, scholars and research assistants in the University of Wisconsin System, as well as limited term employees, student hourlies, per diems and other temporary employees are not eligible.
Employees who are enrolled in a High Deductible Health Plan (HDHP) are not eligible. See the Health Savings Account and Limited Purpose Flexible Spending Account for benefit options.
*The $2,750 contribution limit applies on an employee-by-employee basis. Thus, $2,750 is the limit each employee may make per plan year, regardless of the number of other individuals (spouse, dependent, etc.) whose medical expenses are reimbursable under the employee’s Health Care FSA. If two spouses are eligible for a Health Care FSA, each spouse may elect to make contributions of up to $2,750 to his or her Health Care FSA, even if both participate in the same Health Care FSA sponsored by the same employer.
- For 2020 benefit period, you must incur all eligible expenses by December 31, 2020.
- For 2021 benefit period, you must incur all eligible expenses by December 31, 2021.
- For 2020 benefit period, you must submit all reimbursement requests by March 31, 2021.
- For 2021 benefit period, you must submit all reimbursement requests by March 31, 2022.
Review all claims and provide any required substantiation by December 31 each year.
An eligible expense is a health care service, treatment or item the IRS states can be paid for without taxes. Eligible expenses can be incurred by you, your spouse or qualified dependents.
How should I keep track of my eligible expenses?
You should keep all your receipts and pertinent documentation to prove your Health Care FSA was used for eligible medical expenses. If you pay for anything other than eligible expenses with your Health Care FSA, the amount will be taxable, and you will be required to repay the amount or pay an additional tax penalty.
Learn how to enroll in an a pre-tax savings/employee reimbursement account, whether you are enrolling during open enrollment, as a new hire or when you have experienced a qualifying life event.Read More about Enrollment Information
You will receive a welcome brochure in the mail from ConnectYourCare.