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.
HRA Roll Over and Health Care FSA
If you enroll in a MyHealth360 medical plan for 2023, HRA rollover funds can continue to be used to pay for eligible out-of-pocket medical, dental, vision and prescription drug expenses. If you have HRA roll over funds AND Health Care FSA dollars (either roll over FSA funds or newly elected contributions for 2023), your FSA dollars will always be used before any HRA funds. Plan your Health Care FSA contributions for 2023 accordingly. Any remaining HRA roll over funds will be forfeited Dec. 31, 2023.
A Health Care FSA is used to pay for qualified medical, prescription drug, dental and vision expenses.
If you are enrolled in a MyHealth360 medical plan and have rollover Health Reimbursement Account (HRA) funds, you and your eligible dependents’ medical, prescription drug, dental and vision expenses will be deducted from your Health Care FSA before your HRA.
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 to pay for qualified expenses for you and your eligible dependents.
This debit card is linked to your Health Care FSA and your HRA (if you are enrolled in a MyHealth360 medical plan and have available rollover funds).
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.
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.
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You can roll over up to $610 in unused Health Care FSA funds from one plan year to the next; there is no rollover available for the Dependent Day Care FSA.
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.
For 2023, any eligible healthcare and/or dependent day care purchases you make between January 1, 2023, and December 31, 2023, are reimbursable.
At the end of each calendar year, there is a runout period from early in the year to March 1 to request FSA reimbursement for expenses incurred during the prior calendar year.
Rollover FSA dollars are available in mid-March, after the runout period for submitting prior year claims expires.
Save your receipts and Explanation of Benefits (EOBs)
When using the multi-purpose debit card, it is important that you save all of your receipts, Explanation of Benefits (EOBs) and any other supporting documentation that shows how you’ve used your FSA and HRA dollars. IRS regulations specify that supporting documentation is required to substantiate FSA and HRA expenses.
2022 Runout Period
If you participated in a Health Care FSA or Dependent Care FSA in 2022, the runout period to submit outstanding claims for expenses incurred in the 2022 plan year ends March 1, 2023.
During the Runout Period (Jan. 1 – March 1, 2023):
Your unused 2022 Health Care FSA dollars are with HealthEquity.
Submit outstanding claims for eligible expenses you incurred in 2022 to HealthEquity.
Your HealthEquity Visa debit card should not be used to pay bills for expenses incurred before Jan. 1, 2023.
Unused 2022 Dependent Day Care FSA dollars will be forfeited, in accordance with IRS rules.
After the Runout Period Ends (March 2 – Dec. 31, 2023)
Health Care FSA and Dependent Care FSA dollars you elected for 2023 can be used to pay for eligible expenses you incur throughout the 2023 plan year.
Unused 2022 Dependent Day Care FSA dollars will be forfeited, in accordance with IRS rules.
Legal / Disclaimer
This website is not inclusive of all situations and is provided for informational purposes only. It is not intended to be an official legal document. If there are conflicts between the website and IRS regulations, the member handbook, or the Summary Plan Description (SPD), IRS regulations, the member handbook, and the SPD will govern.
