Health Care Reimbursement Account (HCRA)
If you have out-of-pocket medical expenses for yourself, your children, or spouse, the HCRA may help you reduce your tax bill. It enables you to pay for certain out-of-pocket medical expenses with tax-free dollars, which gives you tax savings. You decide how much you wish to contribute per year based on your estimated out-of-pocket medical expenses. For instance, you can use the HCRA for reimbursement of your UnitedHealthcare ChoicePlus Plan deductible and the 20% of covered expenses you have to pay. In addition, you can receive reimbursement for expenses that are not covered under the health plan, such as eyeglasses, copayments, charges over the "allowable amount," and dental charges not covered under the GU dental plans.
The maximum contribution is $6,500 per year.
Colonial HealthCare, administrator of the flexible spending accounts for Georgetown University, has compiled two guides to assist you in identifying expenses which are eligible for reimbursement:
- Frequently Encountered Health Care and Dependent Care Services
- Over the Counter Drug and Reimbursement Reference
You can access more information about flexible spending accounts at www.fsaontheweb.com.
