Flexible Spending Accounts (FSAs)
What is an FSA?
A flexible spending account (FSA), administered by HealthEquity, allows you to set aside tax-free money to help pay for eligible out-of-pocket expenses.
- There are three types of FSAs that you can choose from: Health Care FSA, Limited Purpose FSA, and Dependent Care FSA.
- Your FSA paycheck deductions are tax-free, which may help reduce your taxable income.
- If you enroll in a Health Care or Limited Purpose FSA, you will receive a debit card from Health Equity to use when paying for eligible expenses.
This page provides information about choosing and managing your FSA, identifying eligible expenses, and how to file claims for reimbursement. More FSA resources can be accessed at HealthEquity.com.
FSA-Eligible Expenses
To help you determine what you can pay for with your FSA, you can search a list of eligible expenses and use the store locator to find merchants that offer FSA-eligible items.
Keep a copy of your receipts! Health Equity has various ways in which they verify FSA card transactions: some do not require a receipt for substantiation, while other times a receipt is required.
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When You Don't Need a Receipt
- IIAS store or pharmacy purchases (the IIAS is a required approval system the IRS requires to list all merchants who sell goods that have FSA-eligible items; find more information at seg-is.org)
- Prescription or eligible over-the-counter (OTC) purchases
- Copays
- Flat copay amounts at a doctor, dentist, vision provider, or hospital where said flat copays were provided
- Recurring transactions
- Payment made at the same location and for the same dollar amount as a prior payment for which the receipt was already approved by Health Equity at least once
When a Receipt May Be Required
- Doctor’s office, hospital, dentist, or vision provider where the health plan has a deductible or coinsurance amount
- Coinsurance and deductibles (assuming carrier files, if applicable, are unable to exactly substantiate the expense)
- Purchases at 90% pharmacies
- An odd dollar amount that does not match one of the flat copay amounts provided
Helpful Resources
Provider
HealthEquity
Flexible Spending Accounts (FSA) & Health Savings Account (HSA)
Contact Information
HSA: 866-346-5800
FSA: 877-924-3967
Quick Links
Filing Claims for Reimbursement
When you do not use your debit card and need to file for an FSA reimbursement for eligible expenses, claims can be filed online, via fax, or via US mail. Claims will be processed within two (2) business days after receipt. To check the status of your claim, log in to your account.
File Claims Online
For faster service, file your claim online. Simply log in to your account to submit your claim electronically and upload any required documentation.
File Claims via Fax or US Mail
Claims can be submitted via fax or US mail. First, download and fill out the Reimbursement Claim Form. Then, print and send the completed form and any required documentation as follows:
- Fax: 877-353-9236
- US Mail: CLAIMS ADMINISTRATOR, P.O. Box 14053, Lexington, KY, 40512
Types of FSAs: Comparing Your Options
Use the information below to help you decide which type of FSA is right for you. Health Equity also offers guides for Comparing FSA Options and Things to Know About the FSA.
Note: If you are enrolled in an HSA medical plan, you may also enroll in a Limited Purpose FSA (LPFSA) for eligible dental and vision expenses.
Health Care FSA
The Health Care FSA (HCFSA) can be used to pay for eligible medical, prescription drug, dental, and vision expenses and other expenses not covered by your insurance, such as some over-the-counter medicines. Team Members enrolled in a Michaels PPO plan or no medical plan may participate in a HCFSA.
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How it Works
How much can I contribute?
- $100 minimum
- $3,400 maximum
How do I access and use the FSA money?
You will receive a debit card to use for eligible expenses. Funds are immediately available in January 2026, If you enroll in an FSA during the calendar year, funds will be available within 2-3 weeks of your effective date in the plan.
Who can enroll in an FSA?
If you are enrolled in the Basic PPO Plan or Enhanced PPO Plan, or even if you do not elect to enroll in a Michaels medical plan, you can use the money to pay for eligible medical, prescription drug, dental, and vision expenses.
This applies to:
- Yourself
- Any dependents you claim on your federal tax return
- Your children under age 26, even when they are not covered by a Michaels benefit plan
Under IRS rules, expenses for domestic partners cannot be paid from an FSA.
Dates & Deadlines
- You can incur expenses until Dec. 31 of the current plan year.
- You have until March 31 of the following plan year to submit any reimbursement claims for expenses not previously reimbursed.
Limited Purpose FSA
The Limited Purpose FSA (LPFSA) can be used to pay for dental and vision expenses only.
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How it Works
How much can I contribute?
- $100 minimum
- $3,400 maximum
How do I access and use the LPFSA money?
You will receive a debit card from Health Equity to use for eligible expenses. Funds are immediately available in January 2026. If you enroll in an FSA during the calendar year, funds will be available within 2-3 weeks of your effective date in the plan.
Who can use the LPFSA money?
If you are enrolled in the Michaels Choice HSA medical plan, you may use the Limited Purpose FSA.
- You can use your LPFSA to pay for eligible dental and vision care expenses.
- By using your LPFSA to pay for routine dental and vision expenses, you can avoid tapping into your HSA for these expenses allowing you to let your HSA savings continue to grow. You can then use your HSA for larger, unexpected medical expenses, or save it for healthcare costs in retirement.
This applies to:
- Yourself
- Any dependents you claim on your federal tax return
- Your children under age 26, even if they are not covered by a Michaels benefit plan
Under IRS rules, expenses for domestic partners cannot be paid from an LPFSA.
Dates & Deadlines
- You can incur expenses until Dec. 31 of the current plan year.
- You have until March 31 of the following plan year to submit any reimbursement claims for expenses not previously reimbursed.
Dependent Care FSA
The Dependent Care FSA (DCFSA) can be used to pay for dependent care for eligible children under age 13 and for adult dependents who are physically or mentally incapable of self-care.
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How it Works
How much can I contribute?
- $100 minimum
- $7,500 maximum (or $3,750 maximum if married but filing separately from your spouse)
How do I access and use the Dependent Care FSA money?
You submit claims for reimbursements directly to Health Equity. Funds are available after contributions to your DCFSA have been made from your paycheck.
How can I use the Dependent Care FSA money?
You can use the Dependent Care FSA for dependent care expenses incurred with certain care providers, allowing you and your spouse to work.
This includes:
- Nursery schools
- Licensed day care centers (including adult day care facilities and centers for disabled dependents)
- In-home day care providers
- Before- and after-school care (if not already included in tuition)
- Summer day camp, but not overnight camp
Who are eligible dependents to use with a DCFSA?
You can use the money to pay for eligible dependent care expenses for:
- Children under age 13 you claim on your federal tax return as dependents (or for whom you are the custodial parent if divorced, regardless of who claims the tax exemption).
- Your spouse or other tax dependent (regardless of age) who is mentally or physically incapable of self-care. This person must live with you for more than half the year.
Under IRS rules, expenses for domestic partners cannot be paid from a Dependent Care FSA.
Dates & Deadlines
- DCFSA is an annual use-it-or-lose-it account, therefore all expenses must be incurred in the current plan year and submitted for reimbursement prior to March 31 of the following year.
- Any unused funds are forfeited.