Flexible Spending Accounts (FSAs)

Health Care and Dependent Care Flexible Spending Accounts (FSAs), administered by HealthEquity, can save you money by allowing you to set aside tax-free dollars to pay for eligible health care and dependent care expenses.

Note that all FSAs require an active election each year. Once you enroll, you cannot change your election until the next Open Enrollment period or unless you experience a qualifying life event.

If you have money in your FSA accounts at the end of the year, you can roll over up to $640. If you have more than that left at the end of the year, there is an online FSA store where you can buy approved items like over-the-counter medicine, sunscreen, feminine products, and more!

If you are enrolled in the Traditional Plan or HealthChoice Plan, you can contribute to a Health Care FSA (HCFSA). You may also contribute to an HCFSA if you aren’t enrolled in a HealthComp medical plan but you’d like to set aside a portion of your salary before taxes (up to IRS limits) to cover eligible medical expenses such as deductibles, copays, prescription medications, and/or dental and vision costs. For a full list of covered expenses, visit irs.gov.

Important to note:

• Contributions are made through payroll deductions over the course of the year. 
• HCFSA funds cannot be used to pay for dependent day care expenses.
• You can contribute up to annual IRS limits ($3,050 in 2024). 
• Any 2023 claims incurred up to December 31, 2023, must be submitted to HealthEquity by March 31, 2024, for reimbursement. Any 2024 claims incurred up to December 31, 2024, must be submitted to HealthEquity by March 31, 2025, for reimbursement.
• Once you enroll, you’ll receive a debit card to begin using for eligible expenses in January.

You do not need to enroll in a medical plan through the company to take advantage of a DCFSA. The DCFSA allows you to set aside a portion of your salary, before taxes and up to IRS limits, to reimburse yourself for eligible dependent day care expenses. 

For the DCFSA, eligible dependents include:

• Your children under the age of 13.
• A spouse who is physically or mentally unable to care for himself/herself.
• Any adult you can claim as a dependent on your tax return who is physically or mentally unable to care for himself/herself.

Contributions are made through pre-tax payroll deductions over the course of the year. The money you choose to set aside for 2024 accrues with each pay period, which means that you can only get reimbursed up to the amount of the contributions you have made.

You may not use your DCFSA to pay for health care or dental expenses. DCFSA dollars can be used for:

• Licensed nursery
• Qualified childcare centers
• Adult day care facilities
• After-school programs
• Summer camps for dependent children under age 13.
• Preschool tuition

For a list of eligible dependent care expenses, visit irs.gov.

Important to note:

• You must be at work, at school or looking for work during the time your eligible dependent (under age 13) receives care.
• You can contribute up to annual IRS limits ($5,000 or $2,500 if you are married and filing separately).
• DCFSA funds cannot be used to pay for healthcare expenses. You must be enrolled in the Health Care FSA (HCFSA) to cover healthcare expenses.
• Claims incurred up to December 31, 2023, must be submitted to HealthEquity by March 31, 2024, for reimbursement. Claims incurred up to December 31, 2024, must be submitted to HealthEquity by March 31, 2025, for reimbursement.