Health Care FSA
What you need to know
A Health Care Flexible Spending Account (FSA) helps you set aside money to pay for health care expenses you’ll have during the year. The pluses: You contribute pretax income, so you’re paying no taxes on your contributions—plus, your contributions reduce your taxable income.
If you’re enrolled in the HDHP and want pretax options for covering out-of-pocket dental and vision expenses, you can open a Limited-Purpose FSA. And even if you don’t enroll in a medical plan, you can contribute to a full Health Care FSA to help you cover medical, prescription drug, dental, and/or vision out-of-pocket-expenses.
Save two ways when you enroll in an FSA
This short video shows you how.
How It Works
When you elect your benefits as a new employee or during annual open enrollment, you choose your FSA contribution level for the calendar year ($3,050 in 2023). The rollover limit is $610.
During every open enrollment period, you’ll elect the amount you want to contribute to your FSA the following year. Your election does not automatically roll over from year to year.
Your pretax paycheck contributions are deposited directly into your FSA, which is administered by HSA Bank.
You can use your FSA to pay for eligible expenses, including:
- Copays and coinsurance
- Prescription drugs and over-the-counter medications (with a doctor’s prescription)
- Medical equipment, like crutches, and supplies such as bandages
- Vision care, like eyeglasses and contact lenses
- Dental expenses, such as fillings and braces
When you have eligible expenses, you can use your FSA debit card to pay for them. Or, you can submit receipts and file a claim for reimbursement.
Please keep in mind that you cannot reimburse yourself for the same expense with money from both your HRA and FSA.
If you enroll in the HDHP with HSA, you can contribute to the Limited-Purpose FSA. This account works the same way the full Health Care FSA works, with one exception: It is for dental and vision expenses only.
Managing Your Account
You set up and manage your FSA on the HSA Bank website or via the mobile app. Then, you can upload receipts and submit claims, pay providers, and track your account balance and transactions.
You have until March 31 of the following year to submit receipts for reimbursement.
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