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HealthEquity is the plan administrator for your Flexible Spending Account (FSA) through Yale. With an FSA, you are able to pay for certain health care and dependent care out-of-pocket expenses with pre-tax dollars. You may participate in the Health Care (Medical/Dental/Vision) Expense Reimbursement Account and/or the Dependent Care Expense Reimbursement Account.
You must decide how much you want to contribute to each account based on your anticipated expenses for the year. Your contributions will be deducted from your paycheck before taxes are calculated.
You can contribute up to $3,050 to the Health Care (Medical/Dental/ Vision) Expense Reimbursement Account, and up to $5,000 to a separate Dependent Care Expense Reimbursement Account.
When you incur an eligible expense, log in to Workday and submit the appropriate claim to HealthEquity and the money will be reimbursed from your account. The money you contribute to the accounts and the reimbursements you receive from your accounts are never taxed.
The grace period allows participants with remaining FSA account balances at the end of the calendar year to have an additional 2-1/2 months, until March 15 of the following year to incur additional eligible expenses and use the prior year's funds to pay for these expenses. The deadline for submitting these expenses is April 30.
Both your account balances and submitted claims appear on the HealthEquity homepage.
When you enrolled in an FSA, you have the option to choose automatic reimbursement of claims. By enrolling in this feature, you authorize Yale to allow both the medical and dental carriers to submit your co-pays, deductible and coinsure information directly to HealthEquity for reimbursement from your Medical/Dental/Vision Reimbursement FSA.