Health Flexible Spending Account
Use pre-tax dollars to pay for medical expenses not covered by your insurance plan.
A Health Flexible Savings Account (Health FSA) is an employer-sponsored plan that lets you deduct money from your paycheck and deposit it into a special account. Health FSA accounts are exempt from federal income taxes, Social Security (FICA) taxes and, in most cases, state income taxes. The money in a Health FSA can be used for eligible health and/or dependent care expenses that happen while you are participating in the plan.
What are the benefits of a Health FSA?
- A Health FSA is a great way to pay for eligible medical expenses with pre-tax dollars. Estimate how much you can save with an FSA with this calculator.
- Enjoy potential tax savings with pre-tax deductible contributions and tax-free reimbursements for qualified expenses.
- Quickly and easily access your funds using the debit card for eligible expenses at the cash register, or request to have funds directly deposited into your bank account through the website or mobile app.
- Covers what your health insurance doesn’t – like deductibles, co-pays and other eligible expenses.
- Makes reimbursement for expenses easy – the full amount you set aside is available on your first day of coverage.
Additional details
While you do contribute in equal installments throughout the year, the full balance is immediately available for you to use. Before you enroll, you must first decide how much you want to contribute to your account(s). You will want to spend some time estimating your anticipated eligible medical and dependent care expenses for the calendar year.Download our mobile app today to manage your account
- Apple: VYA Apple Mobile
- Android: VYA Google Play Mobile
What is a Health Flexible Spending Account?
A Health Flexible Savings Account (Health FSA) is an employer-sponsored plan that lets you deduct money from your paycheck and deposit it into a special account. Health FSA accounts are exempt from federal income taxes, Social Security (FICA) taxes and, in most cases, state income taxes. The money in a Health FSA can be used for eligible health and/or dependent care expenses that happen while you are participating in the plan.
What are the current IRS contribution limits for FSAs?
The IRS sets contribution limits annually. The 2024 maximum annual FSA contribution limits are as follows: Health FSA - $3,200.
Will my FSA funds rollover at the end of the year?
Health FSAs are use-it-or-lose-it plans. Some FSAs offer a rollover feature that allows you to roll over up to $610 of unused FSA funds into the following plan year. Check to see if your employer offers this option. It’s important to plan accurately when selecting your contribution amount(s) and to ensure you know if your FSA plan allows a rollover.
Can I use my FSA to pay for medical expenses for a spouse or dependent?
Yes, you may use your FSA funds without penalty to pay for qualified medical expenses for yourself, spouse, or dependent even if they are covered under another health plan. Please consult a qualified tax advisor for guidance.
Who qualifies as a dependent?
A person generally qualifies as your dependent for FSA purposes if you claim them as an exemption on your Federal tax return, even if they are covered under another health plan. Please see IRS Publication 502 (www.irs.gov/pub/irs-pdf/p502.pdf); for exceptions. Consult a qualified tax advisor for advice.
Once I request reimbursement, how long does it take for my funds to be available?
In general, if you have a bank account linked to your account this can take as little as 3 business days for the reimbursement to be posted. However, a check can take up to 7 business days to arrive. Reimbursement is dependent on if the claim documentation is approved for FSA and Commuter accounts.
What do I do if my debit card declines or doesn’t work?
Ensure you have activated the card and have logged into the online portal to accept your terms and conditions. Within your profile, confirm you have the correct and most recent card by verifying the last four digits. Check your balance and verify via your activity that there are no pending transactions you have not accounted for. If you are using the card at a retail pharmacy, ensure the item is coded as FSA eligible. Still unable to determine the cause? Contact the Voya Health Account Services team at (833) 232-4673 or [email protected]. to verify the cause and best solution.
iPhone and the App Store are trademarks of Apple Inc., registered in the U.S. and other countries. Android and Google Play is a trademark of Google Inc.
Flexible Spending Accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC).
This highlights some of the benefits of a Flexible Spending Account. If there is a discrepancy between this material and the plan documents, the plan documents will govern. Subject to any applicable agreements, Voya and its subcontractors reserve the right to amend or modify the services at any time.
The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.
