Health Care Flexible Spending Account (HCFSA)
NEW FOR 2024: Fidelity is the new Flexible Spending Account (FSA) vendor
Health Care and Dependent Care FSAs are now administered by Fidelity, replacing Health Equity. You can visit NetBenefits to access to your FSA account balance and claim verifications, along with information and resources for your other Fidelity-administered plans and programs.
You can contribute pre-tax money each year (up to certain IRS limits) to a HCFSA for reimbursement of eligible health care expenses, such as deductibles, copays, coinsurance, and other medical expenses not covered by your health plan, including orthodontia, eyeglasses, contact lenses or laser vision surgery. All eligible expenses must be incurred between Jan. 1 and Dec. 31 of the plan year for which you elected the FSA; or the effective date of your HCFSA if elected after Jan. 1 due to being newly eligible. For more information, view IRS Publication 502.
All eligible expenses must be incurred between Jan. 1 and Dec. 31 of the plan year for which you elected the FSA; or the effective date of your HCFSA if elected after Jan. 1 due to being newly eligible.
- The deadline to incur expenses is Dec. 31 (end of the plan year).
- You must submit claims for reimbursement by March 31 following the plan year unless an extension is required by law.
- You can roll over unused HCFSA funds to the next plan year. HCFSA enrollment for the next plan year is required during Annual Enrollment for unused funds to carry over.
- View the Annual Enrollment Guide for contribution limits.
- Remember to save all of your receipts, as they’ll help determine how much money to allocate to your FSA for the following year. You’ll also need them if you’re ever asked to substantiate expenses purchased with your NetBenefits AccessCard.
To file claims and view more information, visit NetBenefits.
If enrolled in an HSA, youu may also have a limited-purpose Health Care Flexible Spending Account (HCFSA). A limited-purpose HCFSA works with the HSA to help you increase your tax-free savings and maximize your HSA savings potential. You can be reimbursed from your limited-purpose HCFSA for qualified dental and vision expenses (e.g., teeth cleanings, prescription glasses, contact lenses, etc.).
For more infomration visit NetBenefits.
Note: Federal law prohibits employees from establishing and contributing to an HSA and participating in a general-purpose HCFSA at the same time, including if your spouse has a general-purpose HCFSA.
IMPORTANT: If you elect an HCFSA and enroll in a High Deductible Health Plan and establish an HSA though Fidelity, your HCFSA will automatically be a limited-purpose HCFSA.
For more information, review the Quick Start Guide.