Flexible Spending Accounts (FSA)

Benefits

Regions Flexible Spending Accounts (FSAs) provide a simple way to reduce healthcare and dependent daycare expenses by allowing participants to pay for eligible expenses with pre-tax dollars and by reducing their taxable income. You can estimate your tax savings by completing the online tax worksheet available on the HealthEquity website.

Regions offers associates the opportunity to enroll in two types of FSAs — one for eligible healthcare expenses* and one for dependent daycare expenses. Participation in a medical or dental plan is not required to be eligible for participation in the flexible spending accounts.

*Associates who choose to participate in the Core High Deductible Health Plan may not participate in the Healthcare FSA because of their eligibility for the Regions Health Savings Account (HSA).

To learn more about FSAs, visit the HealthEquity member education portal and review the previously recorded FSA webinar.

Important FSA Considerations

Use It or Lose It — Expenses must be incurred by December 31, 2020 and filed by March 31, 2021. Any funds that are unused in your dependent daycare FSA, or any balance over $500 in your Health FSA, are not refundable to you. Any funds over $500 will be forfeited. Therefore, you should estimate your and your family’s expenses carefully. A balance up to $500 in the Health FSA can be carried over and used in 2021 and beyond.

Calendar Year Lock-in — Once you have enrolled in the spending account(s), you cannot stop participating or change the amount you are contributing until the next enrollment period, unless you have a qualifying life event and request a consistent change within 31 days.

Health Flexible Spending Account (Health FSA)

The Health FSA allows annual contributions from $600 to $2,750 withheld on a pre-tax basis. These funds can be used to pay for any qualified medical, dental or vision expense, including deductibles and copayments for you and your eligible dependents. This is true even if the dependent is not a tax dependent or covered under your health plan. Funds can also be used for children until age 26.

Expenses are considered eligible if they are:

  • Medically necessary
  • Not reimbursed by a healthcare plan (medical, dental or vision)
  • Considered eligible by the IRS

When you enroll in a Health FSA, the entire elected amount is available to you on the first day of the health plan year, which means you don’t have to wait for payroll deductions to begin using your Health FSA. For more information about qualified medical expenses, see the HealthEquity Qualified Medical Expense Database.

A prescription or letter from your physician is required for over-the-counter (OTC) medications to be eligible for reimbursement. Exceptions to this rule include insulin, diabetic supplies and some other medical supplies.

For more information, see the HealthEquity Qualified Medical Expense Database.

How to Use Your Funds

  • Debit card transactions: Swipe your HealthEquity FSA debit card at the pharmacy or doctor’s office for instant payment. Be sure to save all receipts
  • Reimbursement: If paying out of pocket for expenses, submit a claim for reimbursement directly through the member portal and have funds electronically transferred to your personal banking account
  • Issue payment to provider: From the HealthEquity member portal, you can issue payments to providers by creating a new claim, or by using existing integrated insurance claims, if available

Complete information about your account is available at bcbsal.com.

Need Help?

Contact HealthEquity at 1-877-288-0719. Representatives are available 24/7.