Flexible spending accounts, or FSAs, save you money because you can pay for eligible expenses with tax-free dollars.
How It Works
- You decide how much to contribute to your Health Care FSA—between $26 and $2,750 per plan year (August 1–July 31). Please note: Your election will be spread over the remaining pay periods through July 31. You can view the payroll calendar on Insight.
- You must re-enroll every year if you would like to contribute.
- Your plan-year contribution will be deducted from your paycheck before federal, state, local and Social Security taxes are withheld. Your Form W-2 will include your calendar-year (not plan-year) contribution.
- If you contribute $150 or more, you’ll get a Your Spending Account™ (YSA) debit card. Just swipe your card when paying for eligible expenses, and the amount will automatically be deducted from your account.
- You have until October 31—three months following the end of the plan year—to submit claims for reimbursement.
Eligible Health Care Expenses
You can use the Health Care FSA to pay for eligible out-of-pocket medical expenses (such as deductibles, copays and coinsurance) for:
- Adult children through the end of the month in which they turn age 26
- Anyone you claim on your tax return as a dependent—even if they’re not enrolled in an Intuit medical plan
Eligible expenses must be:
- Tax deductible, according to the IRS
- Medically necessary and not covered by your medical, dental or vision plans. Examples include:
- Deductibles and copays
- Your share of covered expenses
- Dental and orthodontia expenses
- Prescription glasses, contact lenses and cleaning solution
- Laser vision correction
- Alcoholism or drug addiction programs
- Prescription drugs and drug copays
- Over-the-counter medications
Good to Know
- Save your receipts! Whether you have a YSA debit card or not, you may need to submit receipts to substantiate your claim.
- Remember the use-it-or-lose-it rule. The money you contribute does not roll over from year to year. Carefully consider your needs when deciding how much to contribute.
- Plan year versus calendar year. Your contributions are made on a plan-year basis (August 1–July 31), but IRS limits and the FSA contribution amount that’s shown on your Form W-2 are calendar-year amounts.