Flexible Spending Accounts

Inspira Health can help you create accounts to pay for eligible medical or daycare expenses. You fund Flexible Spending Accounts (FSAs) by setting aside part of your pay—before taxes—through payroll deduction. If you can estimate your expenses for the coming year, this can be a good way to save on your taxes each year.

How FSAs work

There are two kinds of FSAs:

  • Health Care FSA
  • Dependent Care FSA (daycare expenses)

Each pay period, your money accumulates in any FSAs you elect. You can use these FSA funds to pay for eligible expenses throughout the year using an FSA debit card, just like any other bank account. In the case of a Health Care FSA, you can use your funds at any time throughout the year; for a Dependent Care FSA, you may only use funds you have already set aside.

How much money should you put into an FSA each pay period?

That depends on your expenses. The best way to estimate your expenses for the year is by looking over the eligible expenses you incurred over the past few years. Divide your expected expenses by the number of pay periods in the year. Consider contributing this amount each pay period to an FSA. Estimate carefully: unused funds are lost at the end of the year. You have until June 15 to incur expenses using funds remaining in your FSAs from the previous year, and you can file for reimbursement for those expenses until June 30.

HSA Plan Enrollees: the Limited Use Medical FSA

Due to federal guidelines, participants in the HSA Plan are not eligible to enroll in both a traditional Health Care FSA and an HSA. However, enrollees in the HSA Plan may open a Limited Use Medical FSA (as well as a Dependent Care FSA).

Initially, you may use a Limited Use Medical FSA for eligible dental and vision care expenses only. Once you reach your deductible, you may use the FSA to cover medical expenses, as well. You must submit documentation that states your annual deductible has been met.

To participate in an FSA, you must renew your election before the start of each plan year (April 1).

FSA Reimbursement Deadlines

  • You have until June 15 to use any FSA funds remaining from the previous year. Any money not spent will be lost.
  • You have until June 30 to file for reimbursement from FSA funds from the previous year. After this date you may only be reimbursed from the current year's FSA funds.

WANT MORE INFORMATION... the myFlexDollars FlexSteps Brochure provides useful information for FSA Participants and the myFlexDollars website

Benefits Card

If you enroll in a Spending Account you will be able to use the Benefits Card to conveniently be reimbursed for qualified expenses. This card makes using your flex dollars even easier. As long as a merchant or service provider accepts Visa debit cards, you will receive immediate reimbursement for qualified expenses each time you swipe your card. This eliminates the need to submit paper claim forms and wait for reimbursement.

To access account information, such as current balances, and other useful information, please visit the myFlexDollars website.