Flex Spending
A Healthcare FSA lets you put pre-tax money into an account to use for out-of-pocket expenses, such as deductibles, co-payments, and co-insurance for medical claims, prescriptions and some over-the-counter medications and supplies. You can also use a Healthcare FSA to cover eligible dental and vision costs.
The money you elect to contribute for the entire year is available to you on a pre-funded Healthcare VISA Card on Jan. 1.
Things to remember:
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If you have not actively elected a Healthcare FSA contribution for two years, your Healthcare FSA will terminate and you will lose any carryover balance.
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Funds from a HealthEquity Healthcare FSA will be used before funds from an HRA.
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Do not use your VISA debit card this year to pay for last year’s expenses.
Reasons to Select a Healthcare FSA
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Contribute up to a maximum of $2,850 per year before taxes. The minimum you can contribute is $120 per year.
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Carry over a minimum of $50 and a maximum of $570 from one calendar year to the next — there’s low risk in losing your hard-earned money; carryover funds do not count toward the annual contribution maximum of $2,850.
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You have a 90-day run-out period until March 31, 2024 for reimbursement of eligible FSA expenses that occurred between January 1, 2023, and December 31, 2023. Any of your funds that are in excess of $570 that are not used before the run-out period will be forfeited.
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Use your FSA to pay for eligible medical expenses for family members who are considered a tax dependent, even if they are not enrolled in your health plan.
Covered Expenses
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Medical and prescription co-payments
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Medical and prescription expenses, including over-the-counter (OTC) medications and feminine products, and certain protective equipment, such as face masks and hand sanitizer.
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Certain dental fees
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Orthodontic treatment
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Vision fees, including eyeglasses
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Co-insurance
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Wheelchairs, crutches, and walkers.
For a full list of covered expenses, go to healthequity.com.