One of the biggest advantages of an HCFSA is the tax savings. Every dollar you set aside in your HCFSA reduces the amount you pay in income taxes (or taxable income). Plus, you can reimburse yourself from your HCFSA for qualified expenses that you’re already paying for with after-tax dollars.
You can enroll in the HCFSA if you’re enrolled in any of the Hertz Medical Plans and even if you are not enrolled in a Hertz Medical Plan. You can use it to pay for qualified medical, prescription, dental, and vision expenses. You must use all of your money in your account by the deadline or you forfeit it.
To access your HCFSA, click here.
Your HCFSA funds can be used to pay for qualified out-of-pocket expenses. There are hundreds of qualified expenses, including:
Refer to IRS Publication 502 for a complete list of qualified expenses.
Yes. If you’re enrolled in CHA1 or CHA2, you’ll have an HRA and you can also enroll in an HCFSA. Funds will be automatically deducted from your HRA to pay for eligible medical expenses. Once those funds are used up, you can use your HCFSA dollars to pay for eligible expenses.
Yes, you’ll receive a convenient debit card for point of service transactions for dental, vision, and prescription drug expenses. Note that you may still need to submit documentation of your purchases and, if you choose, you can pay these providers directly online.
You cannot use your FSA debit card at medical provider offices. You will have to pay those providers directly online. You can access the site from here.
The 2018 IRS limit for the HCFSA is $2,650.
The 2019 IRS limit for the HCFSA is $2,700.
HCFSA contributions cannot be changed during the plan year unless you experience a qualified life event, like having a baby or getting married.
You can use your prior year’s expenses as a base to help you calculate your future expenses. The HCFSA has a “use it or lose it” rule, so any funds you don’t use by the end of the plan year will be forfeited.
If you're a new hire, your entire balance is available on your benefits effective date. If are a current employee and enrolled during Open Enrollment, your entire HCFSA balance is available on July 1.
You must incur eligible expenses no later than September 15 and submit for reimbursement by December 31 following the end of the prior plan year (June 30), otherwise any remaining balance will be forfeited.
The Dependent Day Care FSA is a tax-advantaged savings account designed to help you pay for qualified care expenses for an eligible dependent, such as daycare or elder care, so you and/or your spouse can continue to work.
The HCFSA is a tax-advantaged savings account designed to help you pay for qualified medical, dental, prescription, and vision expenses for you and your dependents. Both are governed by IRS rules.