Health Care FSA
Important information about your 2020 FSA
What you need to know
The 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. The catch: You need to budget carefully, since you’ll have to forfeit any unused balance over $550.
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 (up to $2,750 in 2021).
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 Health Care 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.
Managing Your Health Care FSA
You have until March 31 of the following year to submit receipts for reimbursement.
7:30 a.m. to 5 p.m. ET
PayFlex (for 2020 FSA claims)