Health Care FSA ("HCFSA") FAQs for Employee
What is a Health Care FSA ("HCFSA")?
An HCFSA is an opt-in employee benefit sponsored by your company. They're helping you save money on your essential expenses!
What can I use an HCFSA on?
So many things! Any out-of-pocket expense for medical, dental, and vision care is eligible.
Co-pays, deductibles, and co-insurance for doctor / dentist / hospital visits
Prescription and over-the-counter medicine
Glasses (reading and/or prescription)
Contact lenses and eye care products
Dental or orthodontic treatment (not cosmetic)
Common medical use items, like bandages, eye/ear drops
How much should I elect?
For each calendar year, estimate out-of-pocket spending on medical, dental, and vision expenses for you and your dependents. The maximum election during the 2020 calendar year is $2,750.
What happens to unused funds at the end of the year?
Up to $550 can be rolled over to the next calendar year. Amounts over $550 will expire, so elect wisely!
How do I use my HCFSA?
Pay for eligible expenses with your Benepass card (virtual + physical)
Submit a reimbursement claim through the Benepass mobile app
Why should I use the HCFSA?
Most of us have some out-of-pocket medical spending. You can immediately save 20-40% (depending on your tax bracket) on essential expenses!
I have other questions.
And we have answers! Email us at email@example.com and we'll get right back to you.
How is it deducted from my paycheck?
Your election is deducted ratably from each paycheck.
Do I have to be on my company's health insurance plan to enroll?
You do not need to be enrolled in your company's health insurance plan to enroll in your company's health FSA.
What if my spouse has an FSA through their employer?
You and your spouse may have separate FSAs through different employers, and their election does not affect yours.