Spending Accounts

HealthEquity

HealthEquity – login to review your accounts and submit claims.

• First Time Login Guide will help you set up your account.
• FSA Member Guide includes information on “Getting Started” to “Substantiation of Claims” and a “Glossary of Terms”.
• Helpful Tips for Using Your Card Guide
• Dependent Care Self Reimbursement Instructions
• Orthodontia Reimbursement Form
• HIPAA Authorization Form – complete to display (Private) adult dependent’s claims details

• Informational Videos at HealthEquity to learn more about Flexible Spending and Health Savings Accounts.
  • An introduction to the member portal
  • First-time login instructions
  • “My Account” overview
  • “Claims & Payments” overview
  • Paying a provider

About Health Spending and Dependent Care Accounts

• Maximum Annual Elections: (effective 1/1/24)
  • Healthcare FSA = $3,200
  • Dependent Care FSA = $5,000
    
  • Health Saving Account = $4,150 Individual, $8,300 Family ($1,000 catch-up if 55+ years old) (These include the $500/$1,000 employer contribution.)
• Annual Carryover: Healthcare FSA programs participants can roll over up to $610 of unused funds at the end of the plan year (available after the claims submission cutoff of 3/31 for 2023 carryover to 2024). Carryover increases to $640 for 2024 to 2025.
• Over-The-Counter medications are eligible for reimbursement through a Healthcare FSA or HSA without a prescription (thanks to the Cares Act of 2020)

Automatic and Optional Enrollments

• HMO Blue New England $500 Deductible and Blue Care Elect $500 Deductible health plan participants:
  • 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
  • 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 (for children under age 13, a disabled spouse, or an older parent in eldercare)
• HSA – health savings account (employee and employer contributions)
• Qualified Medical Expenses – as designated by the IRS, these include medical, dental, vision and prescription expenses.