Save money with a healthcare FSA
Get more out of your money by participating in a healthcare FSA. You can choose how much of your paycheck you’d like to set aside, before taxes are taken out, for healthcare expenses. This saves you money by reducing your taxable income.
You can save on a variety of expenses, including:
- Doctor and dental copays
- Health plan deductibles and coinsurance
- Eligible over-the-counter expenses, such as pain relief medications and cold/flu products
- Prescription drugs and medicines
- Eye exams and eyeglasses
Healthcare FSA funds can be used on you, your spouse, and eligible dependents.
Funds on Day 1
Schedule that surgery, buy those eyeglasses or finally get those braces. All of your FSA funds are available to spend right away. Use your benefits debit card at the point of purchase.
Think about the money you spent on healthcare expenses last year. Plan ahead and set those funds aside in a healthcare FSA and save 30% (based on a 30% tax bracket).
Your healthcare FSA includes a $550 carryover (which is the maximum allowed by the IRS). That means you can carry over up to $550 from your healthcare FSA into the next plan year. Any unused funds beyond the $550 threshold will be forfeited to the plan.
A run-out period extends the final filing date past the last date of the plan year to give you additional time to file for reimbursement of FSA claims. Your plan year expires on December 31, 2021, which is the last day you can incur claims for a plan year. However, you have until the end of your run-out period, which is April 15, 2022 to submit claims for the 2021 plan year.
You can file a claim easily with:
The Benefits Mobile App
You can file claims and submit documentation in seconds using the Benefits Mobile App. Our app is the quickest and easiest method for filing claims and submitting documentation. Just use your phone’s camera to take a picture of documentation and upload it on the spot. The app also allows you to:
- Get instant notifications on the status of your claims.
- Check your balance and view account activity.
- Report a card as lost or stolen to keep your account secure.
- Determine 213(d) eligible expenses by using the eligible expense scanner and your phone’s camera.
You can also file claims through your online account by clicking the “File A Claim” button within the “I Want To” menu on the homepage of your online account.
Note: You may also file a claim by submitting a Claim Form and supporting documentation via fax or mail.