Flexible Spending Accounts
Keep more of the money you earn by enrolling in a Flexible Spending Account (FSA). FSAs offer you an easy way to save as you set aside money each paycheck on a pre-tax basis to use for eligible expenses. HealthEquity administers our flexible spending accounts.
There are two types of FSAs. Each covers different types of expenses. You can enroll in one or both.
Health Care FSA
You can contribute up to $3,050 in 2024 and up to $3,200 in 2025 in pre-tax funds to pay for qualified expenses for you and your dependents, including:
- Deductibles, coinsurance, office copayments and prescription drug copayments
- Eyeglasses, contact lenses and prescription sunglasses
- Dental care, including orthodontia
- Immunizations/vaccinations
Keep in mind that your annual contribution will be divided equally across your paychecks. If you enroll mid-year, be sure to choose your contributions based on the pay periods left in the year.
Payment Card
The first time you enroll in a health care FSA, you will receive a prepaid card from HealthEquity to be used for qualified expenses. Always remember to save your receipts.
Dependent Care FSA
Contribute up to $5,000 in pre-tax funds per calendar year to pay for dependent care expenses such as day care, before and after school programs, nursery school or preschool, and adult day care.
Keep in mind that your annual contribution will be divided equally across your paychecks. If you enroll mid-year, be sure to choose your contributions based on the pay periods left in the year.
You can’t carry over unused funds so plan carefully. All unused funds at the end of the calendar year are forfeited per IRS rules.
Submitting a Claim
You have until March 31 each year to file a claim for expenses you incurred during the previous year. Be sure to save your receipts.
If your employment ends, FSA accounts and the payment card are terminated on the last day of employment. Only claims incurred before your last day of employment will be processed for reimbursement. All claims must be submitted within 90 days of employment end date.
3 easy ways to submit:
- EZ Receipts mobile app Download this free mobile app to take a photo of receipts and instantly submit them for payment.
- Pay My Provider Access your FSA online and fill out a simple form to pay providers directly.
This option is great for monthly dependent care expenses or health care that requires a recurring payment, such as orthodontia. - Pay Me Back File claims quickly and easily online with quick reimbursement by direct deposit or check. HealthEquity processes claims in one to three business days.
Deadlines & Rollovers
If you don’t use all the money in your FSA by the end of the year, don’t worry. Depending on which FSA you have, there are a couple options for you to use or rollover any remaining funds.
Health Care FSA
- Runout Period: You have until March 31, 2025, to use the remaining funds in your 2024 FSA for claims incurred during the 2024 plan year.
- FSA Rollover: You can carry over up to $640 from 2024 to 2025. However, funds over $640 are forfeited as of March 31, 2025, per IRS rules.
Dependent Care FSA
- Runout Period: You have until March 31, 2025, to use the remaining funds in your 2024 FSA for claims incurred during the 2024 plan year.
- FSA Rollover: You can’t carry over unused funds so plan carefully. All unused funds are forfeited after the March 31 deadline per IRS rules.