The Health Care Fund Flexible Spending Account can be used for many out-of- pocket medical, prescription drug, dental, and vision expenses for you and your eligible family members. These include:
- deductibles and coinsurance for medical, prescription drug, dental, and vision services
- expenses not covered under Alcoa's or any other benefit plan
- eyeglasses and contact lenses not paid through Alcoa's vision plan
- certain over-the-counter drugs
- Complete list of eligible expenses.
You can contribute between $100 and $2,500 annually to this fund.
The Health Care Fund is completely separate from the HRA and HSA medical options. Note: If you enroll in the HSA medical option, you also can open a Limited Flexible Spending Account for dental and vision expenses.
Health Care Fund Carryover
You have until March 31 of the next year to submit claims for eligible expenses incurred through the previous December 31. This time from January 1 to March 31 is called the claims run-out period.
- If you have money remaining in your Health Care Fund at the end of the claims run-out period, up to $500 of the unused money will carry over into your account for the following plan year. Amounts over $500 will be forfeited per IRS regulations.
- If you did not re-enroll in the Health Care Fund for the new plan year, your Health Care Fund account will stay open with your carried-over amount (up to $500).