Flexible Spending Account

A Flexible Spending account is for both health and dependent care expenses incurred during the plan year (July 1-June 30).

Employees may allocate a portion of their monthly earnings, pre-tax, to health and dependent care expenses, resulting in substantial tax savings. This amount is locked in for the plan year. 

To participate, there is a $1.13 semi-monthly charge.

The maximum you may set aside for health expenses in 2026 is $3,400 per year.

The maximum you may set aside for dependent care is $3,750/individual or $7,500/household (joint or single head of household) per year.

FSA is a benefit that has to be elected every open enrollment in order to utilize FSA in the new plan year.

Tax Savings

Paying for medical expenses through the Flex Spending Plan can save you as much as 25%-28% in taxes on each dollar spent for your share of insurance deductibles, co-pays, or items not covered by insurance. Also, the Dependent Care Flexible Spending Account may save you more in taxes than the day-care tax credit (filed with your federal income tax return).

If you are in the HDHP and have a Health Savings Account, you are not eligible for medical flex spending, but you are eligible for dependent care.

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HealthEquity Flex Spending Account
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Important
FLEX reimburses you for eligible expenses incurred July 1st - June 30th (with a grace period that extends to September 15th). All claims must be submitted for the prior plan year by December 15.

*This is a use-or-lose benefit.