Flexible Spending Accounts

You can enroll as a new hire or during the fall Annual Enrollment.

Flexible Spending Accounts (FSAs) save you money by reducing the taxes you pay. Your FSA contributions are deducted from each paycheck on a pre-tax basis—before federal, FICA and, in most cases, state taxes are calculated. This reduces your total taxable income! Then, when you have an eligible health care or dependent day care expense, you can use the money you set aside in your FSA to pay for it tax-free!

1. Health Care FSA*: Use this account to pay for eligible medical, dental, vision and other health care expenses for you and your dependents.
2. Limited-Use Health Care FSA*: Use this account to pay for eligible dental and vision expenses for you and your dependents. This account can also pay for medical expenses that you incur after you meet your medical plan deductible, but IRS rules prohibit reimbursement for medical expenses applied directly to the medical plan deductible. 
3. Dependent Day Care FSA: Use this account to pay for eligible daycare expenses for your elderly dependent and/or children under the age of 13.

There are three ways you can use the money in your FSA account:

• Debit card: With the HealthEquity debit card, you can pay at the point of purchase at pharmacies and many other authorized retailers and providers. (Health Care FSA only).
• Direct payment to provider: You can set up direct online payment to your provider, which can be extremely convenient and a real timesaver—especially with dependent day care.
• You pay upfront, submit a claim and then receive reimbursement: Choose either direct deposit to your personal bank account on record in myHR or have a check mailed to you for your expenses. Go to healthequity.com or use the mobile app to file your claims. After you log in, you’ll find them under the Health Care and Dependent Care tabs.

You generally have until December 31 to incur expenses for reimbursement and until April 15 of the following year to file claims to get your money back. However, you may carry over a limited amount of your Health Care FSA money from the previous year into the new plan year.