Flexible Spending Accounts

HealthEquity is the Flexible Spending Account (FSA) plan administrator. FSAs allow you to pay certain health and dependent care expenses using pre-tax dollars.

Types of FSAs

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  • Health Care FSA

    A Healthcare Flexible Spending Account (HCFSA) allows you to pay for many out-of-pocket  expenses with tax-free dollars. Eligible health care expenses include medical, dental and vision copays, prescription drugs, and deductible expenses. To view a list of eligible expenses, please click here.

    At the beginning of the plan year, you will have access to the full annual amount of your health care FSA. There is no need to wait until the account is paid to use the funds. If you enroll in an HCFSA, you will receive a HealthEquity Visa card to pay for eligible health care expenses. In 2022, you may contribute up to $2,850 to a HCFSA. 

    The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act no longer requires over-the-counter drugs and medicines be prescribed in order to be reimbursed under FSAs. This provision is effective for expenses incurred and/or paid as of January 1, 2020. The CARES Act also deems expenses for menstrual care (feminine hygiene) products qualified medical expenses, also which can be paid by an FSA. These provisions are effective for expenses incurred and/or paid as of January 1, 2020 and do not have an expiration date. In addition, the IRS recently announced the costs of masks, hand sanitizer and other Personal Protective Equipment (PPE), used primarily to prevent the spread of Coronavirus 2019 (COVID-19), now is an eligible expense for reimbursement through the University’s Healthcare Flexible Spending Account (HCFSA) program. The change allows reimbursement of expenses incurred as of January 1, 2020. A full list of all eligible expenses under the CARES Act can be found here.

    To learn more about how an HCFSA can save you money, please click here

  • Dependent Care FSA

    A Dependent Care FSA (DCFSA) is a pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child* or adult daycare. Click here to view a list of eligible dependent care expenses.

    Unlike HCFSAs, DCFSAs only allow you to receive reimbursement up to the actual amount in your account at the time the claim is filed. The HealthEquity Visa card cannot be used for dependent care expenses.

    You may contribute up to $5,000 in a DCFSA (the maximum election for employees earning $115,000 or more is $2,500 per year). 

    To learn more about how a DCFSA can save you money, please click here.

     

    * up to age 13

Grace Period and Deadlines

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  • Grace Period

    The University’s FSA plans offer a grace period that runs between January 1st and March 15th of each year.  The grace period allows you to continue to incur expenses in the current year while using up any remaining balance from your prior year’s FSA. 

    For your healthcare FSA, if you swipe your FSA card during this period, please remember that the card will pull any remaining balance from the prior year before using current year FSA funds.

    If you submit paper claims, they will also pull any remaining balance from the prior year before using current year FSA funds.

    If you’ve used up your prior year balance with grace period claims but still have prior year claims left to file, please contact HR-Total Rewards for assistance with reversing the grace period claims.  By doing this, you can be reimbursed for your prior year claims from your prior year funds and your grace period claims from your current year funds.

    If you participate in both the Aetna HRA medical plan and a health care FSA, you will receive one WageWorks Visa card with both HRA and FSA funds on the card. HRA funds will be used for eligible medical and prescription expenses before flexible spending account funds are utilized.

  • 2020 FSA Deadlines

    2020 Funds
    Start spending: January 1, 2020
    Incur eligible expenses by: December 31, 2021
    Submit claims by: March 31, 2022

  • 2021 FSA Deadlines

    2021 Funds
    Start spending: January 1, 2021
    Incur eligible expenses by: December 31, 2022
    Submit claims by: March 31, 2023

  • 2022 FSA Deadlines

    2022 Funds
    Start spending: January 1, 2022
    Incur eligible expenses by: March 15, 2023
    Submit claims by: June 15, 2023