HealthEquity is the Flexible Spending Account (FSA) plan administrator. FSAs allow you to pay certain health and dependent care expenses using pre-tax dollars.
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.
To learn more about how an HCFSA can save you money, please click here.
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. * up to age 13
To learn more about how a DCFSA can save you money, please click here.
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.
2021 Funds
Start spending: January 1, 2021
Incur eligible expenses by: December 31, 2022
Submit claims by: March 31, 2023
2022 Funds
Start spending: January 1, 2022
Incur eligible expenses by: March 15, 2023
Submit claims by: December 23, 2023*
*change as a result of the expiration of the COVID-19 Public Health Emergency and National Emergency
Start spending: January 1, 2023
Incur eligible expenses by: March 15, 2024
Submit claims by: June 15, 2024
Five pieces of information are required to help ensure the approval of your claim. They are:
Please ensure that your documentation contains all the above information when submitting a claim. Review the Claim and Card Use Verification Checklist.
www.wageworks.com
305-284-3004
www.miami.edu/benefits/ask