Flexible Spending Accounts (FSAs)
What is an FSA?
A flexible spending account (FSA), administered by Health Equity, 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: Standard FSA, Limited Purpose FSA (LPFSA), and Dependent Care FSA (DCFSA).
- After you enroll in your FSA, you will receive debit card to use when paying for eligible expenses. Your FSA funds, which are determined by how much you choose to contribute, are immediately available once deducted from your paycheck.
- Your FSA paycheck deductions are tax-free, which helps reduce your taxable income.
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 a couple of ways that 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
- Co-payments
- Flat co-payment amounts at a doctor, dentist, vision provider, or hospital where said flat co-pays 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 is Required
- Doctor’s office, hospital, dentist, or vision provider where the health plan has a deductible or coinsurance amount
- Co-insurance 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 co-pay amounts provided
Helpful Resources
Provider
Health Equity
Flexible Spending Accounts (FSA) & Health Savings Account (HSA)
Contact Information
HSA: 866-346-5800
FSA: 1-877-924-3967
Quick Links
Filing Claims for Reimbursement
Claims for reimbursement for FSA-eligible expenses 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 cannot have “double coverage” for medical and prescription drug expenses by having both an HSA and a standard FSA. You can, however, use the Limited Purpose FSA (LPFSA) for dental and vision expenses.
FSA
The standard FSA can be used to pay for eligible medical, prescription drug, dental, and vision expenses not covered by your insurance.*
*HSA plan members are not eligible for the standard FSA.
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How it Works
How much can I contribute?
- $100 minimum
- $3,300 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.
Who can use the FSA money?
If you are enrolled in the Basic PPO Plan or Enhanced PPO Plan, or even if you don’t elect Michaels medical coverage, you can use the money to pay for eligible medical, prescription drug, dental, and vision expenses that your health care plans don’t cover.
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 FSA.
Dates & Deadlines
- You can incur expenses until Dec. 31 of the plan year.
- You have until March 31 after the plan year ends to submit your reimbursement claims for expenses.
Limited Purpose FSA
The Limited Purpose FSA (LPFSA) can be used to pay for dental and vision expenses, but cannot be used to pay for other health care expenses.
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How it Works
How much can I contribute?
- $100 minimum
- $3,300 maximum
How do I access and use the LPFSA money?
You will receive a debit card to use for eligible expenses. Funds are immediately available.
Who can use the LPFSA money?
If you are enrolled in the Michaels Choice HSA medical plan, you may use the Limited Purpose FSA to pay for dental and vision expenses only, and use your HSA to pay for eligible medical and prescription drug expenses.
You can use the money to pay for eligible dental and vision care expenses that your dental and vision plans don’t cover.
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 plan year.
- You have until March 31 after the plan year ends to submit your reimbursement claims for expenses.
Dependent Care FSA
The Dependent Care FSA (DCFSA) can be used to pay for expenses for your dependents, such as day care, before and after school care, and summer day camp.
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How it Works
How much can I contribute?
- $100 minimum
- $5,000 maximum (or $2,500 maximum if married but filing separately from your spouse)
How do I access and use the DCFSA money?
You submit claims for reimbursements. Funds are available after contributions to the account have been made.
How can I use the DCFSA money?
You can use the DCFSA to get reimbursed for dependent care expenses incurred, 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 can use the money?
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).
- A spouse or dependent who is physically or mentally incapable of self-care and lives in your home for more than half the year.
Under IRS rules, expenses for domestic partners cannot be paid from a DCFSA.
Dates & Deadlines
- You lose any remaining funds in your account as of Dec. 31 of the plan year.
- You have until March 31 after the plan year ends to submit your reimbursement claims for expenses.