Flexible Spending Accounts

HealthEquity is the Flexible Spending Account (FSA) plan administrator. FSAs allow you to pay certain health and dependent care expenses using pre-tax dollars.

Types of Flexible Spending Accounts

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  • Health Care FSA

    A Healthcare Flexible Spending Account (HCFSA) allows you to pay for many out-of-pocket  expenses with tax-free dollars. Eligible health care expenses include medical, dental and vision copays, prescription drugs, and deductible expenses. To view a list of eligible expenses, please click here.

    At the beginning of the plan year, you will have access to the full annual amount of your health care FSA. There is no need to wait until the account is paid to use the funds. If you enroll in an HCFSA, you will receive a HealthEquity Visa card to pay for eligible health care expenses.

    • In 2023, you may contribute up to $3,050 to a HCFSA.
    • In 2024, you may contribute up to $3,200 to a HCFSA.

    To learn more about how an HCFSA can save you money, please click here.

  • Dependent Care FSA

    A Dependent Care FSA (DCFSA) is a pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child* or adult daycare. Click here to view a list of eligible dependent care expenses.

    Unlike HCFSAs, DCFSAs only allow you to receive reimbursement up to the actual amount in your account at the time the claim is filed. The HealthEquity Visa card cannot be used for dependent care expenses.

    You may contribute up to $5,000 per household into a DCFSA, or $2,500 if married and filing separately. The maximum for employees earning more than $135,000 is $1,500 per year.

    To learn more about how a DCFSA can save you money, please click here.

     

    * up to age 13

Enrolled in FSA and HRA

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  • Health Reimbursement Account (HRA)

    The HRA plan offers access to a national network (Choice POS II Open Access) of providers and facilities and out-of-network benefits (at higher costs). The plan has a $400 per person health fund - paid by UM - to help pay for up front medical and pharmacy expenses, including the $1,500 per person deductible, up to $4,500 per family. 

    In-network preventive care is free and bypasses the deductible. However, prescription drugs do not bypass the deductible, which must be met prior to copays.* 

    The maximum fund a family will receive is $1,200. The unused funds roll over each year as long as you remain in this plan. Click here to view a presentation explaining how the HRA Plan works and here for a Quick Start Guide.

    Note, if you participate in both the Aetna HRA medical plan and a health care FSA, you will receive one WageWorks Visa card with both HRA and FSA funds on the card. HRA funds will be used for eligible medical and prescription expenses before flexible spending account funds are utilized.

  • What expenses are eligible for the HRA and FSA?

    HRA FSA
    Aetna medical and pharmacy* expenses.  ALL IRS Section 213 eligible items including anything under the HRA.

    * A pharmacy expense is a medication, prescribed by a licensed provider, which requires a prescription to obtain, is run through the Aetna insurance, and is applied to the deductible. Over the counter items are not considered pharmacy expenses in the HRA.

  • Who funds the HRA and FSA?

    HRA FSA
    University of Miami ($400 per person, up to $1,200 per family) Employees (optional contribution of pretax dollars per pay period)

  • Who can use the accounts?

    HRA FSA
    Eligible employees and their UM/Aetna covered dependents only. Eligible employees and tax dependents

  • Which account pays first?

    • For an Aetna medical/pharmacy expense, you can swipe your card at any eligible healthcare provider or retailer and funds from the HRA will automatically be used first until all funds are exhausted (unless you have FSA funds left over from the previous year to spend down). Once HRA funds are exhausted, funds from your FSA will be used secondarily.
    • When purchasing or requesting reimbursement for qualifying expenses other than an Aetna medical or pharmacy, the FSA dollars will be used.


    Please note
    : When swiping your HealthEquity card, funds will automatically be pulled from the HRA first (unless you have FSA funds left over from the previous year to spend down). So, if seeking reimbursement for an expense other than medical or Rx, please submit a Pay Me Back claim on your FSA account via the HealthEquity Member portal to ensure funds are used from your FSA rather than the HRA.

  • Why is the current pay order preferable?

    • With the HRA paying first (unless you have FSA funds left over from the previous year to spend down), it ensures that UM monies for Aetna medical/pharmacy are spent first.
    • Secondly, it ensures that FSA monies are sure to be available for all other items (dental, vision, etc).

Grace Period and Deadlines

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  • Grace Period

    The University’s FSA plans offer a grace period that runs between January 1st and March 15th of each year.  The grace period allows you to continue to incur expenses in the current year while using up any remaining balance from your prior year’s FSA. 

    For your healthcare FSA, if you swipe your FSA card during this period, please remember that the card will pull any remaining balance from the prior year before using current year FSA funds.

    If you submit paper claims, they will also pull any remaining balance from the prior year before using current year FSA funds.

    If you’ve used up your prior year balance with grace period claims but still have prior year claims left to file, please contact HR-Total Rewards for assistance with reversing the grace period claims.  By doing this, you can be reimbursed for your prior year claims from your prior year funds and your grace period claims from your current year funds.

    If you participate in both the Aetna HRA medical plan and a health care FSA, you will receive one WageWorks Visa card with both HRA and FSA funds on the card. HRA funds will be used for eligible medical and prescription expenses before flexible spending account funds are utilized.

  • 2024 FSA Deadlines

    2024 Funds
    Start spending: January 1, 2024
    Incur eligible expenses by: March 15, 2025
    Submit claims by: June 15, 2025

  • 2023 FSA Deadlines

    2023 Funds
    Start spending: January 1, 2023
    Incur eligible expenses by: March 15, 2024
    Submit claims by: June 15, 2024

  • 2022 FSA Deadlines

    2022 Funds
    Start spending: January 1, 2022
    Incur eligible expenses by: March 15, 2023
    Submit claims by: December 23, 2023*


    *change as a result of the expiration of the COVID-19 Public Health Emergency and National Emergency

Frequently Asked Questions (FAQs)

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