Flexible Spending Accounts
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.
What to do next
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.
Submit your claim for reimbursement
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. Reimbursement of eligible expenses are for date of incurred service, not the submission date for reimbursement.
Grace Period Extension
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.
How to monitor your balances and submitted claims
Both your account balances and submitted claims appear on the HealthEquity homepage.
To submit a claim and view your account balances:
- Click on the Benefits worklet in Workday
- Select the Flexible Spending Account button
How does the automatic transfer of claims for Flexible Spending Accounts work?
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.
When choosing this option, consider the following:
- Spousal and dependent claims information will also be transmitted each month. However, if you have a dependent child between the ages of 19 and 25 enrolled in the Yale Health Plan, claims will not be transmitted automatically and you will need to file claims directly with HealthEquity.
- Over the counter medications and vision expenses must be submitted to HealthEquity directly.
- Do not submit claims for out-of-network medical expenses directly to HealthEquity. These types of expenses will be sent to HealthEquity via the automatic reimbursement of claims process (if selected).
- Do not select this feature if you have a secondary insurance program.
- Do not select this feature if you are covering a civil union partner under your health insurance or if you are enrolled in a Health Savings Account as part of a high-deductible health insurance plan.
- Reimbursements can be delayed up to 60 days due to when the provider submits the claim to the carrier.