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Flex Your Finances
You can save several hundred dollars annually by establishing a Flexible Spending Account (FSA) through HealthEquity.
An FSA, also known as a Cafeteria Plan or Section 125 Plan, allows you to set aside part of your income to pay for certain expenses during the plan year (Jan. 1 - Dec. 31). You need to reenroll each year during Open Enrollment to continue having an FSA.
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Did You Know?
By participating in the Flexible Spending Account (FSA) program, you can allocate pre-tax dollars for eligible expenses. Contributions to the FSA are not subject to federal, state, FICA, or Medicare taxes, which increases your spendable income.
The amount that can be deferred into an FSA Medical Spending Account for 2025 is increasing to $3,200. The Dependent Care Spending Account limit will remain at $5,000.
The Health Care FSA carryover limit from 2024 to the 2025 plan year will be $640, allowing employees to carry over unused funds from their 2024 Health Care FSA to the 2025 plan year.
HealthEquity has teamed with fsastore.com to offer an online store stocked with FSA-eligible products, helping you eliminate the confusion of which products are eligible with your account.
Eligibility and Enrollment
Eligibility
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All active, full-time, non-student employees with a continuous appointment period of at least one year.
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Other employees eligible based on specific job assignments.
Enrollment
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The plan starts on the first payday after Jan. 1 and lasts until the end of the plan year.
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New employees have 30 days from their hire date to enroll.
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A new election form must be completed each November for the next plan year.
Medical Reimbursements
You can contribute up to $3,200 per year (excluding carryover amounts) to pay for eligible medical expenses not covered by insurance, such as copayments, deductibles, prescriptions, dental, and vision services.
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Most medical care that is subject to your deductible (copays, doctor visits, etc.)
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Prescription drugs
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Dental and vision care
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Insulin (with or without prescription)
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Flu Shots
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Emergency room visits
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Controlled substances
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Cosmetic surgery
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Medicines and drugs from other countries
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Veterinary fees
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Select insurance premiums
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Nutritional supplements
Dependent Care Reimbursements
A Dependent Care Flexible Spending Account (DCFSA) is an employer-sponsored tax-advantaged account that allows you to use pre-tax dollars to pay for eligible dependent care expenses. This includes costs for child care, elder care, and care for dependents who are physically or mentally unable to care for themselves.
You can contribute up to $5,000 per year per household (or $2,500 if married filing separately) to pay for dependent care expenses for children under 13 or dependents who are physically or mentally unable to care for themselves.
Account Management
You can manage and check your account through the Health Equity website, over the phone, or mobile app. The “Claims and Activity” page online details all your account activity and will even alert you if any Card transactions are in need of verification.
For the latest information, visit www.healthequity.com and select the “Register First Time User” link. To register enter your first and last name, your date of birth, your home zip code and the last 4 digits of your Social Security number. You will be able to log into your account 24/7 and review your most recent FSA activity.
Submitting Claims
You can submit claims for eligible expenses to Health Equity at any time during the plan year. You will need to include itemized receipts or Explanation of Benefits (EOBs) with your claim form.
Changing Contributions
Contributions can only be changed if you have a qualifying life event (e.g., marriage, divorce, birth of a child).
