Flexible Spending Accounts allow you to set aside pre-tax dollars to pay for eligible health and dependent care expenses. Each year, you must elect the annual amount you want to contribute to one or both accounts. Your contributions will be deducted pre-tax from your paycheck which can help reduce your taxable income.
The Health Care FSA will reimburse you for eligible health care expenses that you, your spouse, and your children incur during the plan year. When you incur an eligible expense, you can use your HealthEquity debit card and/or submit documentation for reimbursement.
Note: If you are actively contributing to a Health Savings Account (HSA), you cannot also enroll in a Health Care FSA.
The Dependent Care FSA lets you use pre-tax dollars to pay eligible daycare for children age 13 and under, disabled children, and dependent adults to allow you and your spouse to attend work or school. Care can be provided through live-in care, babysitters, or licensed daycare centers.
FSAs offer significant tax advantages, but are subject to IRS regulations:
It pays to do some research on how to maximize your FSA. Take advantage of the HealthEquity toolkit for full of helpful resources, including a tax savings calculator, to help you learn how to be a savvy FSA user. Go online to view a list of eligible expenses, watch helpful videos, and plan for the year ahead.
See the Benefits Guide or benefit summaries for detailed information.