Flexible Spending Accounts (FSAs)
Flexible spending accounts (FSAs) help you save money by allowing you to pay for certain types of health care and dependent care expenses on a pre-tax basis. You decide how much money to put aside each payday to cover these expenses, up to the plan maximum. This amount is then deducted from your pay before taxes and deposited into your FSA. When you need money to cover an eligible expense, you can be reimbursed using a variety of reimbursement methods. Remember to always keep your receipts.
Note: Per IRS rules, if you choose to enroll in the Medical HDHP, you will NOT be eligible to contribute to the Health Care FSA. Instead, the Health Savings Account (HSA) will be available to you.
Use It or Lose It
If you do not spend all the money in your flexible spending accounts (FSAs) during the year, IRS regulations require that you forfeit any remaining balance. Use your 2024 FSA funds for expenses incurred through March 15, 2025; all claims must be filed by March 31, 2025. (2025 FSA funds must be incurred through Marcy 15, 2026 and claims must be filed by March 31, 2026.)
Note: If you terminate your employment with SpaceX prior to March 15 of the following year, your deadline to use your FSA funds changes to your termination date. All claims incurred by your termination date must be filed by the earlier of 90 days from your termination date or March 31, 2025.
A Health Care FSA (also known as Medical FSA) is used to save pre-tax money for qualified health care expenses for you and your qualified dependents.
You may only be reimbursed for costs you actually pay; you will not be reimbursed for expenses that are covered by any other health plan, insurance policy or benefit plan covering you or your dependents. Even though you contribute to your Health Care FSA over the course of the plan year, the full amount that you elect to contribute for the plan year is available for reimbursement of eligible expenses at the beginning of the plan year or the effective date of your participation, if later.
2024 Annual Maximum: $3,200 per employee
2025 Annual Maximum: $3,300 per employee
Eligible Expenses:
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Office copays and deductibles
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Rx or over-the-counter (OTC) with prescription
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Prescription lenses and contacts, contact solutions
Health Care FSA
A Dependent Care FSA can also be established to save pre-tax money for qualified dependent care expenses. While this most commonly means child care for children under the age 13, it can also be used for your qualified dependent of any age (such as an adult child, parent, etc.) who are physically or mentally incapable of self-care and who live in your household for at least half of the year. In general, in order for an expense to be eligible for reimbursement under a dependent care FSA, the expense must be necessary to enable you to work or to look for work. If you are married, your spouse also must work, be looking for work, be a full-time student, or have a severe physical or mental condition that makes them incapable of self-care. If you are divorced or separated, special circumstances may apply.
You can only be reimbursed with money that is already in your Dependent Care FSA. In other words, the total amount of reimbursement that you may receive from your Dependent Care FSA at any given point in the plan year will not exceed the amount in your account at the time of reimbursement.
2024 & 2025 Annual Maximum: $5,000 per household*
*If you are married and file income taxes separately from your spouse/DP, the maximum is $2,500.
Eligible Expenses:
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Day care for dependents under 13 years
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Preschool tuition
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Day camps
Dependent Care FSA
HealthEquity is an industry leader that offers powerful tools and resources to empower you to make informed healthcare saving and spending decisions. With HealthEquity, you will benefit from exceptional, educational-focused member support, including easy-to-use account portals, around-the clock phone support, and expert advice on how to benefit the most from your health accounts.
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