About Flexible Spending and Health Savings Accounts
- Maximum election amount for Healthcare FSA = $2,600 and Dependent Care FSA = $5,000. (effective 1/1/17)
- Healthcare FSA programs participants can roll over up to $500 of unused funds at the end of the plan year.
- Over-The-Counter medications are not eligible for reimbursement through a Healthcare FSA without a prescription. (effective 1/1/11)
- HMO Blue New England $1000 Deductible and Blue Care Elect $1000 Deductible health plan participants will automatically be enrolled in an HRA, funded by the college as needed.
- Blue Care Elect Saver $1500 health plan participants will automatically be enrolled in an HSA, funded by the college. Employee contributions to the HSA and a Limited Use FSA are optional.
Terms & Regulations
- FSA – flexible spending account (employee contributions only)
- Healthcare FSA – flexible spending account for medical expenses (formerly know as MERA – 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
- HSA – health savings account (employee and employer contributions)
- HRA – health reimbursement arrangement (employer contributions only)
- Qualified Medical Expenses – as designated by the IRS, these include medical, dental, vision and prescription expenses.
HealthEquity is the College’s flexible vendor for 2017.
- HealthEquity – login to review your accounts and submit claims.
- First Time Login Guide will help you set up your account.
- HealthEquity FSA Member Guide includes information on “Getting Started” to “Substantiation of Claims” and a “Glossary of Terms”.
- Watch Informational Videos at HealthEquity to learn more about Flexible Spending and Health Savings Accounts.
PayFlex was the College’s flexible vendor through 2016.
- You will be able to continue using your PayFlex card until 12/31/16.
- You will have until 3/31/17 to submit claims to PayFlex for 2016.
- To review your account at Pay Flex
- You can rollover (medical only) balances of $10 – $500 to HealthEquity in 2017.
- Rollover balances will be updated with HealthEquity in mid-April 2017.
- Accounts will automatically be created in mid-April through HealthEquity for those with rollover balances of $10-$500.