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Flexible Spending Accounts (FSAs)

Flexible Spending Accounts (FSAs) save you money by allowing you to set aside pre-tax dollars from your bi-weekly paycheck to help pay for eligible expenses.

There are two types of FSAs administered by HealthEquity: Health Care and Dependent Day Care. You can participate in both types of FSAs, but you cannot use funds in your Health Care FSA to pay for dependent day care expenses, and vice versa.

  • A Health Care FSA is used to pay for qualified medical, prescription drug, dental and vision expenses.
  • Even if you do not enroll in the MyHealth360 medical plan, or if your dependents are not enrolled, you can still open a Health Care FSA to pay for your family’s eligible expenses.
  • For 2023, the Health Care FSA minimum contribution is $100 and the maximum contribution is $3,050. You can roll over up to $610 in unused funds for use beginning in mid-March 2024.
  • Use the HealthEquity Visa®Health Care Debit Card (linked to your Health Care FSA) to pay for qualified expenses for you and your eligible dependents.
  • Under IRS guidelines, even though your contributions are deducted evenly from 26, bi-weekly paychecks, the entire amount of your annual election is available on the first day that your benefits are effective.
  • At any time during the year, you can use your entire Health Care FSA election.
  • A Dependent Day Care FSA is used to pay for qualified child, adult or disabled dependent day care services so you can work.
  • Complete and submit online or paper claims to receive reimbursement for eligible day care expenses.
  • You cannot use the HealthEquity Visa®Health Care Debit Card to pay for eligible dependent day care expenses.
  • Your Dependent Day Care FSA cannot be used to pay for dependent medical expenses.
  • Under IRS guidelines, you can only be reimbursed for the amount you already contributed to your account.
  • When filing your taxes, you may use the Dependent Day Care FSA, the federal tax credit or a combination of both. You may want to consult a tax advisor.
  • For 2023, the Dependent Day Care FSA minimum contribution is $100 and the maximum contribution is $5,000. Unused Dependent Day Care FSA funds do not roll over.
  • Please note: If you are a highly compensated (as defined in IRS guidance), your contributions may be further limited by the Plan’s annual nondiscrimination testing. If you make a Dependent Care FSA election that surpasses the IRS limit,  you will be notified by the Benefits Department regarding any required adjustment.

What to Know About FSAs

  • You can participate in both types of FSAs, but you cannot use funds in one to pay for expenses in the other.
  • Pre-tax contributions are deducted from your pay in equal amounts throughout the year.
  • The IRS regulates how much you can contribute to an FSA and which expenses are eligible for reimbursement.
  •  How much should I contribute? 
    • Before you make your Health Care FSA elections, consider any existing HRA dollars you might have from a previous year (any remaining roll over HRA funds are forfeited after Dec. 31, 2023). This may impact how much you decide to contribute to a Health Care FSA for 2023.
  • Visit HealthEquity or download the EZ Receipts mobile app to submit FSA claims and check account balances.
  • Save your receipts and Explanation of Benefits (EOBs).
  • At the end of each calendar year, there is a runout period until March 1 to submit prior year FSA claims.
  • After the runout period, your unused Health Care FSA funds (up to $610) will roll over and be available by mid-March for use.

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