By setting aside pre-tax money from your pay into the Health Care Reimbursement Account, you may later repay yourself for eligible expenses incurred in calendar year 2010 that are not covered by insurance.
Reimbursement Accounts Help You Save on Taxes
Reimbursement accounts are available for current Duke employees.
Don't leave money on the table. Reimbursement accounts help you
take advantage of tax savings on eligible health care and dependent
care expenses. Duke offers you two reimbursement accounts: a Health
Care Reimbursement Account (for your eligible health care expenses
not covered by insurance) and a Dependent Care Reimbursement
Account (for reimbursement of day care expenses for eligible
dependents).
Duke has a
Health Care Card, administered through WageWorks®,
that will pay for many eligible health care expenses at the point of sale using funds from
an employee's health care reimbursement account. That means less hassle and less paperwork.
The "Use-it-or-lose-it" Rule
Although Duke's Reimbursement Accounts offer you the opportunity to pay expenses
tax free, IRS rules state that any deposits not used for expenses incurred during the
plan year will be forfeited. This is known as the "use-it-or-lose-it" rule.
You may participate in either or both accounts. However, you cannot use money
from one account to receive reimbursement for the other account.
By setting aside pre-tax money from your pay into the Health Care and/or the Dependent Care
Reimbursement Account, you may later file for reimbursement of eligible expenses
incurred in calendar year 2010 that are not covered by insurance. Because your
contributions are deducted from your pay before federal income, state income,
and Social Security taxes have been withheld, you save on taxes.
If your salary is above $105,000, federal law may require your
dependent care election to be readjusted. If you are affected,
you will be notified during the plan year of any necessary
adjustment to your contribution amount.
You can join if you are a regular employee scheduled to
work at least 20 hours per week and are in the payroll/benefit classification eligible to
participate.
To participate in the reimbursement accounts program, you must enroll within
60 days of your date of hire or within 30 days of a family status change. Only
expenses incurred on or after your effective date of coverage may be reimbursed.
You are eligible effective your first day of employment/eligibility with Duke or
date of qualifying life event. Otherwise, your effective date is January 1 if
you enroll during open enrollment.
Remember, participation in this program is voluntary.
Tips for Success
Your reimbursement account is designed to be a hassle-free way
for you to save on the year's health care and dependent care
costs. To keep it that way, it's important to comply with the IRS
regulations that govern the program. To help you avoid any
inconvenience, please keep these tips in mind:
Know what's covered.
Knowing what expenses are
eligible is key.
You and yours. Make sure
you file claims only for eligible
expenses for yourself, your
spouse, and your eligible
dependents.
Keep your receipts. Save
receipts that describe exactly
what you paid for and when,
just like you would to deduct
them on your taxes.
Keep an eye on your
reimbursement account.
Watch your statements to
see if you need to verify any
claims, or check your personal
online account for the latest
information.
Use all your money. Keep
track of your reimbursement
account balance, and plan
ahead to make sure you spend
the full amount before your
plan year ends -- otherwise
you'll forfeit the remaining
balance.
Click
here to log in to your WageWorks personal account, where you can view
account activity, check the status of claims and payments, and more!
