How do FSAs work with Justworks?
If a company chooses to make FSAs available to its employees, Justworks will reach out to all eligible employees notifying them of the new benefits and of their open enrollment period. Employees can only sign up during the open enrollment period.
Employees can decide to start contributing to an FSA directly from their Justworks account. When an enrollment opportunity is present, they will see a banner encouraging them to enroll upon logging in to Justworks. They can also enroll by going to the 'Benefits' tab on the left-hand side menu.
Justworks will then take the total amount an employee would like to contribute towards their FSA for the year and divide that amount by the number of remaining payrolls for the year. Justworks will then automatically deduct this amount from each payroll and remit the payment to BenefitWallet.
If you would like to offer FSAs to your employees you can do so by logging into Justworks and selecting the Benefits tab under HR on the left hand side menu.
From there you can select which employees are eligible for the benefit.
Once you have confirmed your company's enrollment, you will receive a confirmation email and the FSA card will show as an active benefit under the Benefits tab.
When can an employee sign-up for an FSA?
Since FSAs run along the calendar year, FSA open enrollment usually occurs about a month or so before the start of the new year. The general open enrollment period is only time to sign-up for an FSA.
Separately from general open enrollment, employees can enroll during open enrollment when they are newly joining the company.
Can Employees sign up later if they don't want to during open enrollment?
Employees who would like to enroll in either or both FSA accounts (Healthcare and Dependent Care) must sign up during the open enrollment period.
How do my employees use their FSA funds?
Employees signed up for a Healthcare FSA, can use their BenefitWallet issued debit card or they can pay out of pocket and submit a claim. If employees use their BenefitWallet card, they may need to login online to upload the necessary documentation to substantiate the claim.
How do my employees submit a claim to BenefitWallet?
If the employee paid out of pocket for a reimbursable expense, they must log into BenefitWallet and submit the claim with appropriate documentation within 30 days. BenefitWallet will reimburse the employee either via direct deposit or check, but can only do so if required documentation is provided at the time the claim is submitted. Please review the reimbursement guidelines to ensure reimbursements can be handled correctly.
For employees signed up for a Dependent Care FSA, it does not have a debit card associated with the account. For Dependent Care FSA, employees must always make payments out of pocket and then submit a claim online, or they can fill out a paper form that can be faxed or mailed.
What is the required documentation I need for a claim?
All documentation submitted to substantiate a transaction must include the following information:
- Name of person who incurred the service/expense
- Name & address of the provider/merchant
- Date the service/expense was incurred
- Description of the service/expense
- Amount charged for the service/expense
Explanation of Benefits (EOBs) contain all of the required information. Credit Card receipts and canceled checks alone are not acceptable.
What are the fees on an FSA?
Employers will pay a fee of $5 per account, per month. So employees enrolled in an FSA and DCFSA will cost $10 per month.
Employees will not be charged for their FSA accounts.
Member and Website Support
Contact BenefitWallet at 1 877.472.4200
Lost or Stolen Debit Card
To report a lost or stolen debit card, please contact the BenefitWallet Service Center toll-free at +1 877.472.4200
Note: For security reasons, please do not include any personal or health-related information or documents when sending to this email address.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.