![]() ![]() When you, your spouse, or dependent children pay for an eligible expense, you are reimbursed through your account. You must have a qualifying medical expense to gain access to the funds, and your deductions will continue to come out of your paycheck on a weekly or semimonthly basis throughout the remaining plan year. You have access to the entire election amount on January 1 of each plan year, even though the dollars have not been deducted from your paycheck yet. ![]() If you are new to HealthEquity/WageWorks, please set up a new account under HealthEquity. If you have previously used a WageWorks account to log in, you can continue to log into WageWorks for now. The button below will take you to their site, where you can choose to log in to either WageWorks or HealthEquity. MIT's FSAs are administered by HealthEquity (formerly WageWorks). The money you contribute - up to the annual limits set by federal law (minimum $104, maximum $3,050) - is not taxed as income, and there is no tax or penalty when you use the money for eligible health care expenses. The MIT Health Care Flexible Spending Account (FSA) is a voluntary account offered by MIT and administered by WageWorks that makes it possible for you to set aside money from your pay to cover some of the health care expenses not covered by your health plan. You can also check out our blog for more great information and advice to help federal employees make the most of their retirement savings.Although your MIT health and dental plans will cover much of your health care costs every year, you will probably have to pay some portion of your health care expenses out of pocket. Once you receive your reimbursement, all that’s left to do is figure out how to spend it - or how to save it. That may seem like a long time, but why wait? What’s Next? The deadline to apply is December 31 of the following benefit year. You will also need to submit your Medicare Part B premium bill that matches the amount you paid. A Social Security Cost of Living Adjustment (COLA) statement.There are several acceptable ways to do this: To apply, you’ll need to provide proof of payment of your Medicare Part B premium. These options also allow you to choose direct deposit, further speeding the process.Īpplications processed by fax or mail can take up to 10 business days, and your reimbursement will be mailed as a paper check. Box 14053, Lexington, KY 40512Īpplying online or with the app will get you the fastest results, often within one or two business days. Via the EZ Receipts app, available at the App Store or Google Play.How Do I Apply?īCBS offers a streamlined application process that makes it easy to take advantage of this benefit. Note that your spouse is also eligible for their own reimbursement of up to $800 if they also meet these requirements. This is additional coverage beyond the Medicare Part A that Americans over age 65 automatically receive. Standard Option and FEP Blue Focus members are not eligible. You have the BCBS Basic Option for health insurance.You are a current or retired federal employee.To be eligible for the $800, you need to meet the following requirements: It’s all up to you! Who Is Eligible for the Reimbursement? There are no limitations or regulations about how you spend the money, so you could put it toward future healthcare spending, repairs on your home, or a vacation you’ve been longing to take. The best part is that ths reimbursement is yours to do with as you please. An eligible spouse can also receive this reimbursement, so a couple could enjoy a mini-windfall of $1,600. If you have the BCBS Basic plan through the Federal Employee Health Benefits Program, BCBS will reimburse you up to $800 for your Medicare Part B premiums. Blue Cross Blue Shield offers the most popular plan for retired federal employees, and it’s easy to see why. Fortunately, these benefits continue into your retirement and can make enjoying good health insurance affordable. The BCBS Medical Reimbursement for Medicare Part B PremiumsĪs a federal employee, you enjoy some amazing benefits - and one of the biggest is your healthcare plan. All you need to do is apply, and if you’re eligible, you get paid. Who among us couldn’t use a little extra cash? If you’re a federal employee or retiree, you could be eligible for an extra $800 in your pocket this year, and there really are no strings attached. Reimbursement With a BCBS Medical Account ![]()
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