Flexible Spending Accounts (FSAs)

FSAs through HealthEquity are great budgeting tools that allow you to set aside pre-tax money to pay for health care and/or dependent care expenses. The money comes out of your paycheck before taxes are applied, lowering your income taxes and saving you money.

Choose What’s Right for You!

An FSA is an easy way to save money on predictable expenses. Visit the FSA Guide on the HealthEquity website to learn more about how these accounts work and calculate how much you can save.

When you have health care expenses — big or small, planned or unexpected — you can pay for them with tax-free money you set aside in a Health Care FSA. You can contribute up to $3,050 for FY24 and up to $3,200 for FY25. Your full election is available right away, so you can use the money when you need it. You can use the funds for expenses you incur before September 15. Money does not roll over from year to year.

Here’s how it works

  1. PLAN
    When you are eligible to enroll, you elect your total contribution for the Fiscal Year (July 1 through June 30). To understand the per-paycheck cost for your total contribution, divide your total contribution amount by the number of paychecks remaining in the year. There are 26 paychecks in a full year.

    If you’re enrolling mid-year, be sure to adjust your total contribution amount based on the number of paychecks left in the Fiscal Year.
  2. SPEND
    You can use your FSA to pay for your eligible health care expenses, tax-free! 
    • The full election amount is available immediately. 
    • Money comes out of your paycheck in equal amounts through the remainder of the Fiscal Year. 
    • Pay for expenses with a convenient debit card or submit expense claims on the HealthEquity website or mobile app:

The Fiscal Year ends June 30, and you can incur expenses and submit claims through September 15. Claims must be submitted by September 30. In accordance with IRS regulations, any unused funds left after September 30 will be forfeited.

Did You Know?

You can use your Health Care FSA to pay for everything from glasses or contacts, to prescription medications and out-of-pocket medical costs. You can also use your pre-tax savings to purchase over-the-counter drugs and products and feminine hygiene products.

Visit the FSA Store for eligible purchases.

A Dependent Care FSA allows you to save tax-free money, up to $5,000 per year, to pay for eligible expenses, such as day care for your children or adult care for qualified dependents. 

Unlike the Health Care FSA, the funds become available to you as you contribute to your account. To use your Dependent Care FSA, pay the day care provider as you normally would and submit your receipts for reimbursement through the FSA website or mobile app: 

See a complete list of eligible dependent care expenses.