Flexible Spending Accounts (FSA)
Flexible Spending Accounts (FSA) provide a convenient way to stretch your benefit dollars and use pre-tax dollars to cover eligible expenses. You have access to two types of FSAs.
Health Care FSA: Use this FSA to cover eligible health care out-of-pocket expenses incurred by you, your spouse or any dependent you claim on your income tax return.
Dependent Care FSA: Use this FSA to help you pay for eligible childcare services on a pre-tax basis so you and your spouse (if applicable) may work. Under certain circumstances, it also may be used to help pay for the care of elderly parents or a disabled spouse or dependent.
REMEMBER TO ENROLL
You must enroll and make new Health Care and Dependent Care FSA elections EACH year. Your FSA elections from the prior year do not automatically roll forward. Enroll for next year during Annual Enrollment.
Health Care FSA: A Closer Look
Use pre-tax dollars to cover eligible health care out-of-pocket expenses incurred by you, your spouse or any dependent you claim on your income tax return. There is no requirement that you or your dependents are insured through group insurance plans at FirstFleet to benefit from a Health Care Flexible Spending Account.
What health care expenses are eligible?
- Health care plan deductibles
- Copayments (including prescription copayments)
- Amounts over the maximum your plan pays
- Other eligible expenses not covered by your health plan
What health care expenses cannot be reimbursed?
- Insurance premiums
- Expenses paid by your health care plan(s)
- Health care expenses you itemize as a deduction on your income tax return
FSA Debit Card for Added Convenience
HealthEquity will provide you with a debit card, so you’ll have easy access to your flexible spending funds. You can use your FSA card to pay for eligible health care expenses directly from your Health Care FSA. That means you don’t have to fill out and submit claim forms or wait for reimbursement. It is easy, fast and secure.
Carryover Unused Balances
The Health Care FSA allows you to carry over up to $570 in unused balances* to use during the entire following plan year. Carryover funds are available in addition to the following year’s contributions up to the applicable federal maximum and plan maximum. If you change from a PPO medical plan option to the High Deductible Health Plan in the following year, any carryover funds in your Health Care FSA will be placed in a special Limited Purpose Health Care FSA to maintain compliance with federal HSA rules and regulations.
PLEASE NOTE: If you elect to participate in the High Deductible Health Plan (HDHP) that includes participation in the Health Savings Account (HSA), you are not permitted under Federal law to have a Health Care FSA.
Save Your Receipts
Many claims must be verified, so be sure to keep your receipts for future reference and claims verification, if required. You can upload and store your receipts online and link them to claims via HealthEquity’s member portal.
Dependent Care FSA: A Closer Look
Use a Dependent Care Flexible Spending Account to put aside a portion of your paycheck before taxes to help pay for eligible childcare services so you and your spouse (if applicable) may work. Under certain circumstances, you may be able to use a Dependent Care FSA to help pay for the care of elderly parents or a disabled spouse or dependent. To be eligible, you and your spouse (if applicable) must be at work during the time your eligible dependent receives care.
What’s Covered? This includes, but not limited to:
- Childcare for birth through age 12: babysitter, childcare center, nanny
- Before- or after-school care
- Summer camp
- Disabled dependent / spouse care
- Elder care
Other eligibility requirements are applicable. Review FSA enrollment materials.