Flexible Spending Accounts
Flexible spending accounts (FSAs) provide a tax-advantaged way to pay for eligible health care and dependent care (including elder care) expenses. FSAs let you save for eligible health and dependent care expenses with dollars that are automatically withheld from your paycheck before taxes.
- (844) 341-4934
Three Flexible Spending Accounts: Direct Link
- Healthcare flexible spending account
- Limited use flexible spending account (available if you enroll in the HSA plan and open a health savings account)
- Dependent care flexible spending account
Each year you MUST choose to participate in flexible spending accounts; you are not automatically re-enrolled. You cannot transfer money between the accounts.
Using Your Flexible Spending Accounts Direct Link
- Decide how much to contribute. Contributions are deducted from your paycheck in equal amounts on a pre-tax basis during the plan year.
- When you have eligible expenses, you can use the HealthEquity debit card or submit claims and receipts to HealthEquity for reimbursement.
- For the 2023-2024 and the 2024-2025 plan years, the carryover rule for healthcare and limited purpose spending accounts allows you to roll over up to $610 of unspent FSA money at the end of the plan year. Unused dollars in excess of $610 will be forfeited.
- As a reminder, the money in your spending accounts must be used for eligible expenses that are incurred and paid for by the end of the plan year (January 31). You have until April 30th to submit your reimbursement requests. After that, any unused funds in your account will be forfeited (known as the IRS “use it or lose it” rule).”
|Healthcare Spending Account||Limited Purpose Spending Account||Dependent Care Spending Account|
|Eligible Expenses||Out-of-pocket medical, prescription drug, dental and vision expenses||Out-of-pocket dental and vision expenses||Out-of-pocket expenses for dependent care, such as child daycare, or eldercare while you are at work|
|2023-2024 FSA Contribution Maximum||$3,050 per year||$3,050 per year||$5,000 per year ($2,500 if married and filing separate tax return)|
|2024-2025 FSA Contribution Maximum||$3,200 per year||$3,200 per year||$5,000 per year ($2,500 if married and filing separate tax return)|
|Access to Contributions|
As soon as participation begins, you can be reimbursed up to your annual contribution amount, minus any reimbursements you have already received.
This reimbursement is made regardless of the amount currently in your account.
|You can be reimbursed for expenses only up to the amount currently in your account|
Health Care Expenses Direct Link
Eligible health care expenses include:
- Medical,* dental and vision care not covered by insurance
- Health care plan copayments, deductibles and coinsurance
- Nursing home and in-home medical care
- Over-the-counter drugs if prescribed by a doctor
- Psychologist/psychiatrist care
- Transportation to and from medical care
- Treatment for severe learning disabilities
* You are generally limited to reimbursement for eligible dental, vision and preventive care expenses if you or your spouse contributes to a Health Savings Account (HSA). Contact HealthEquity for more information.
Dependent Care Expenses Direct Link
Eligible dependent care expenses include:
- Nursery schools, day camps and licensed day care centers (all day tuition costs for kindergarten and higher grades for children age 5 and older are not eligible expenses)
- Day care in your home, except if the provider is the child’s parent, your dependent or your child under age 19
- Household services related to the care of an eligible dependent
The dependent must be under age 13 or otherwise meet the IRS guidelines.
You will be required to report the name, address and tax identification number of the care provider on your federal tax return.
Helpful Tips for Managing your FSA Accounts Direct Link
- Plan ahead for medical expenses.
- Spend your money.
- Save your receipts.
- Use your FSA to pay expenses your health plan doesn't cover.
- Use your FSA to reach health plan financial milestones.
- Know what your FSA covers.
- Know your FSA balance.
How to file an FSA claim online Direct Link
If you have paid out-of-pocket for a qualified expense, you may request reimbursement from your reimbursement account (RA) to be paid back via check or verified external bank account (EFT). Reimbursements are typically processed with seven business days.
To submit a request online, please visit the FSA Reimbursements page. Complete the form online for faster processing. Follow the prompts and upload your supporting documentation for the claim
HealthyEquity Helps You Get the Most from Your FSAs
Rely on HealthEquity Member Services and online resources to get the most from your flexible spending accounts (FSAs).
HealthEquity Welcome Kit—complete instructions about your FSA will be mailed to you after you enroll.
Live service 24/7/365—get the same service at 2 am or 2 pm from knowledgeable, US-based HealthEquity Member Services specialists.
Easy-to-use online account access—access your HSA, FSA, or Commuter claims, pay bills, get reimbursements, and more—all from a single, easy-to-use online portal. Medical, dental, and pharmacy claims will be integrated with your HealthEquity HSA or FSA accounts to provide substantiation, or “verifiable proof” of eligible expenses to reduce your need to provide receipts.
HealthEquity educational and informational resources—view videos, use interactive tools including a contribution calculator, and access links to other useful websites.