Flexible spending accounts, or FSAs, save you money because you can pay for eligible expenses with tax-free dollars.
How It Works
- You must re-enroll every year. See how to enroll in the Health Care FSA.
- 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.
- 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.
- You can change your contribution under certain circumstances.
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. See examples.
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.