Spending Accounts

HealthEquity

HealthEquity – login to review your accounts and submit claims.

About Health Spending and Dependent Care Accounts

  • Maximum Annual Elections: (effective 1/1/18)
    • Healthcare FSA = $2,650
    • Dependent Care FSA =$5,000
    • Health Saving Account = $3,450 Individual, $6,900 Family ($1,000 catch-up if 55+ years old)
  • Annual Carryover: Healthcare FSA programs participants can roll over up to $500 of unused funds at the end of the plan year (claims must be submitted by 3/30).
  • Over-The-Counter medications are not eligible for reimbursement through a Healthcare FSA without a prescription.
  • How Medical Plan, FSA and HRA Work Together

Automatic and Optional Enrollments

  • HMO Blue New England $1000 Deductible and Blue Care Elect $1000 Deductible health plan participants:
    • Automatic HRA funding by the college ($500 individuals / $1,000 employee +1 and families) as needed for the second half of your deductible
    • Optional employee contributions to a Healthcare FSA
  • Blue Care Elect Saver $1500 health plan participants:
    • Automatic HSA funding by the college ($500 individuals / $1,000 employee +1 and families)
    • Optional employee contributions to the HSA and a Limited Use FSA

Terms & Regulations

  • FSA – flexible spending account (employee contributions only)
    • Healthcare FSA – flexible spending account for medical expenses (formerly know as medical expense reimbursement account)
    • Limited Use FSA –  flexible spending account for vision and dental expenses, used in conjunction with a health savings account (HSA)
    • Dependent Care FSA – flexible spending account for work-related dependent care expenses
  • HRA – health reimbursement arrangement (employer contributions only)
  • HSA – health savings account (employee and employer contributions)
  • Qualified Medical Expenses – as designated by the IRS, these include medical, dental, vision and prescription expenses.