FSAs: a simple way to save Members since 2012 Members since 2018 Members since 2006 Copyright 2018 HealthEquity, Inc. All rights reserved.
Why FSAs? 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 2 Healthcare FSA Pre-tax payroll contributions
Can be used to pay for qualified medical expenses Entire fund amount available at the beginning of the plan year IRS maximum contributions per working person: $2650 3 Dependent care FSA 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-time IRS maximum contributions per family: $5000 4 Limited purpose FSA Tax-free payroll contributions
Funds available up front at the beginning of the plan year Used 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 LPFSA 5 Get started today! 1. Sign up Each plan year during open enrollment Choose election amount for the year (typically cannot change)
2. Contribute Pre-tax through payroll Amount withheld from each paycheck is typically equal. 3. Use your funds Pay with your HealthEquity Visa Reimbursement Account Card1 Submit for reimbursement through the HealthEquity online tool Remember to save ALL receipts 6
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. Use it or lose it Most FSA funds do not roll over from year-to-year - Your plan allows up to $500 to rollover next year You 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/ documentation
7 Documenting your purchases What is Substantiation? The IRS requires that FSA funds be used for qualified expenses only Substantiation is documentation that an expense is qualified When is this needed? When you run your card and the transaction cannot
be auto-substantiated or auto-matched to a claim How do I substantiate? Manually match to a claim on the portal Send in an EOB or itemized receipt 8 It is the members responsibility to ensure eligibility requirements as well as if they are eligible for the plan and expenses submitted. Notification requests
We will notify a member to provide substantiation by mail or email 9 Documentation Documentation that includes the following should be provided to substantiate: Name of provider Date(s) of service
Name of patient Cost of service Description of services What documentation is not sufficient? Credit card receipts Cancelled checks 10 Auto-substantiation In some instances card transactions can be
auto-substantiated: Transactions for copayments At a pharmacy that is IIAS certified (Visit www.sig-is.org for a detailed list) 11 Claim matching Claims can be automatically matched to card transactions based on: Amount Medical code
When will my claim not automatically match to my card transaction? If you pay for more than one date of service at a time If you pay a discounted or partial amount at the time of service or the card transaction name doesnt 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) 12 How to: card to claim matching 1. Click Submit Documentation 2. Select Match to claim
3. Choose a claim to match to the card swipe 4. Card transaction is updated to Member Match 5. Payable amount on claim reduced 13 Other options Other options for providing substantiation documents: Upload documentation directly to the debit card transaction from the member portal Send documentation by mail, fax or email.
Contact information is included in the substantiation letter HealthEquity mobile app1 14 1. Accounts must be activated via the HealthEquity website in order to use the mobile app. Mobile app Convenient, powerful tools: On-the-go access for all account types Take a photo of documentation with
phone and link to claims and payments Manage debit card transactions View claims status Manage claims Available for iOS and Android 15 Accounts must be activated via the HealthEquity website in order to use the mobile app. Available around-the-clock, every day
Helpful support for members Based in Salt Lake City 866.346.5800 Melissa HealthEquity team member
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