1 Why FSAs 2 A simple way to save Significant tax savings Convenient payroll contributions Easy to use payment options Pay for qualified medical expenses or for qualified dependent care Health care FSA ID: 561959
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Slide1
FSAs: a simple
way to saveSlide2
Why FSAs?
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A simple way to save:
Significant tax savingsConvenient payroll contributionsEasy to use payment optionsPay for qualified medical expenses or for qualified dependent careSlide3
Healthcare FSA
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Pre-tax payroll contributions
Can be used to pay for qualified medical expensesEntire fund amount available at the beginning of the plan yearIRS maximum contributions per working person: $2650Slide4
Dependent care FSA
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Pre-tax payroll contributions
Can be used to pay for qualified dependent care expenses including day care, preschool, elderly care, or other dependent care (see IRS Publication 503)Funds available for reimbursement as deposits come into the account
To qualify both parents must be working, looking for work, or attend school full-timeIRS maximum contributions per family:
$5000Slide5
Limited purpose FSA
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Tax-free payroll contributions
Funds available up front at the beginning of the plan yearUsed in conjunction with a health savings account (HSA)Can only be used for dental and/or vision expenses Allows you to maximize your pre-tax HSA contributions and contribute additional pre-tax dollars to your LPFSASlide6
Get started today!
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1. Sign up
Each plan year during open enrollmentChoose election amount for the year (typically cannot change)2. ContributePre-tax through payrollAmount withheld from each paycheck is typically equal.3. Use your funds
Pay with your HealthEquity® Visa
®
Reimbursement Account Card
1
Submit for reimbursement through the HealthEquity online tool
Remember to save ALL receipts
1. This card is issued by The Bancorp Bank, pursuant to a license from U.S.A. Inc. Your card can be used everywhere Visa debit cards are accepted for qualified expenses. This card cannot be used at ATMs and you cannot get cash back, and cannot be used at gas stations, restaurants, or other establishments not health related. See Cardholder Agreement for complete usage restrictions.Slide7
Use it or lose it
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Most FSA funds do not roll over from
year-to-yearYour plan allows up to $500 to rollover next yearYou must use all FSA dollars that do not rollover within the plan year or forfeit them
Check with plan administrator for specific dates for reimbursements/ documentationSlide8
Documenting your purchases
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What is Substantiation?
The IRS requires that FSA funds be used for qualified expenses only Substantiation is documentation that an expense is qualifiedWhen is this needed?When you run your card and the transaction cannot be auto-substantiated or auto-matched to a claimHow do I substantiate?Manually match to a claim on the portal
Send in an EOB or itemized receipt
It is the member’s responsibility to ensure eligibility requirements as well as if they are eligible for the plan and expenses submitted. Slide9
Notification requests
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We will notify a member to provide substantiation
by mail or emailSlide10
Documentation
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Documentation that includes the following should be provided to substantiate:
Name of providerName of patientDescription of servicesWhat documentation is not sufficient?Credit card receipts
Cancelled checks
Date(s) of service
Cost of serviceSlide11
Auto-substantiation
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In some instances card transactions can be auto-substantiated:
Transactions for copaymentsAt a pharmacy that is IIAS certified (Visit www.sig-is.org for a detailed list)Slide12
Claim matching
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Claims can be automatically matched to card transactions based on:
AmountMedical codeWhen will my claim not automatically match to my card transaction?If you pay for more than one date of service at a timeIf you pay a discounted or partial amount at the time of service or the card transaction name doesn’t match the name of the provider in the claim
If HealthEquity does not receive the claim from the health plan (Mental health, dental, or vision)Slide13
How to: card to claim matching
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Click “Submit Documentation”
Select “Match to claim”Choose a claim to match to the card swipeCard transaction is updated to “Member Match”Payable amount on claim reducedSlide14
Other options
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Other options for providing substantiation documents:
Upload documentation directly to the debit card transaction from the member portalSend documentation by mail, fax or email. Contact information is included in the substantiation letterHealthEquity mobile app1
1. Accounts must be activated via the
HealthEquity
website in order to use the mobile app.Slide15
Mobile app
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On-the-go access for all account types
Take a photo of documentation with phone and link to claims and paymentsManage debit card transactionsView claims status Manage claimsAvailable for
iOS and AndroidConvenient, powerful tools:
Accounts must be activated via the
HealthEquity
website in order to use the mobile app.Slide16
Available around-the-clock, every day
Helpful support for members
Based in Salt Lake City
MelissaHealthEquity team member
866.346.5800Slide17