Health Care FSAs are another way to reduce your taxable income. REI offers two Health Care FSAs to reimburse the current year’s health care expenses: a Health Care FSA if you don’t also have an HSA; and a Limited-Use Health Care FSA if you do have an HSA.
- When enrolling, you can set an amount to be deducted each pay period pre-tax. The total amount you contribute to your Health Care FSA each year is available on the first day of the plan year.
- Funds can only be used for eligible health care expenses incurred within the benefit plan year (January–December), but you have until March of the following year to submit claims to HealthEquity.
- You can roll over up to $500 from your current plan year Health Care FSA or Limited-Use Health Care FSA into the next year, and still contribute up to the annual maximum for the following plan year.