Health Care FSA (HCFSA)

What is a Heath Care FSA (HCFSA)?

A Health Care FSA (HCFSA) is a pre-tax benefit account that you can use to pay for eligible medical, dental, and vision care expenses.

Covered expenses are those that are not covered by your health care plan or elsewhere

HCFSAs are sponsored by your employer and allows you to aside $2,850 (2022) towards qualified health care expenses. This benefit works on an annual plan year basis and is funded through regular payroll deductions on a pre-tax basis.

Use-it-or-lose-it rule

Most FSAs, including your HCFSA, have a use-it-or-lose-it rule, which means that any funds that are unused by the end of each year, are forfeited to the account of your employer. In other words, you lose your remaining money if you miss the deadline for spending it all, make sure you keep track of it!

In some cases, employers have the option of offering one of two deadline extensions: the FSA Grace Period or the $570 rollover, however, not all plans include these. You can always ask your HR department or someone  from the Benepass Support team to give you more specifics about the plan.

If you have any questions about your HCFSA, please reach out to Benepass Support for assistance.

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