The Health Care Flexible Spending Account (FSA) allows you to set aside pre-tax dollars to pay for eligible out-of-pocket health care expenses, lower your taxable income and pay for qualified expenses with tax-free dollars. The FSA is administered by HealthEquity.
Eligible expenses include amounts you pay toward your medical plan deductible, medical and prescription drug coinsurance and copayments, over-the-counter prescriptions, dental and orthodontia expenses not covered by any other benefit plan, contact lens payments and more. This includes copays, coinsurance and amounts paid toward your annual deductible. See IRS publication 502 for the full list of eligible expenses.
IMPORTANT! If you enroll in the HSA Medical Plan, you can participate in a Limited-Purpose FSA but not a Health Care FSA.
Plan your contributions carefully
In 2022, you may contribute up to $2,750 to the Health Care FSA for the year (subject to change by the IRS). Once you make an election for the year, you cannot change it during the year unless you experience a qualifying life event.
Your annual contribution will be deducted from your paycheck in equal installments on a pre-tax basis during the plan year. The full amount you elect to contribute for the year is immediately available.