Reduce your income taxes while putting aside money for health and dependent care needs.
Corewell Health will partner with HealthEquity to administer flexible spending accounts in 2025. You may elect to participate in one or both options offered, or you can choose to decline participation entirely.
All benefits-eligible team members are eligible to enroll in these spending accounts.
Pro Tip: Elected amounts for 2025 must be used for 2025 expenses. As long as you are enrolled in this plan through the end of 2025, you will have until March 31, 2026 to file claims you incurred during this 2025 calendar year (January 1 to December 31).
You can elect two kinds of FSAs:
Health Care FSA
The account is designed to help you pay for expenses, such as medical and dental deductibles, that are not fully covered or are not eligible for payment through your Corewell Health benefits program. This plan pairs well those who also choose to enroll in the HMO medical plan. You do not need to elect medical, dental or vision coverage through Corewell Health to participate in this option.
There are two types of Health Care FSA options, your account type will be based on your medical plan enrollment.
Full purpose Health Care FSA: If you are enrolled in the HMO Plan, you can use your Health Care FSA funds to pay for eligible medical, prescription drug, dental and vision expenses.
Limited purpose Health Care FSA: If you enroll in one of the HDHPs, a Health Care FSA is limited to eligible dental and vision expenses only. You would use your Heath Savings Account HSA bank account for medical expenses, until the deductible on your medical plan has been met.
Funding the FSA: You can contribute up to $3,200, or up to the IRS limits if the limit changes. All funds are available to be used on the benefit effective date.
Unused Funds: Unused funds in your account do not carry over at the end of the plan year and are lost.
Daycare/Dependent Care FSA
The Dependent Care FSA (DCFSA) pays for eligible dependent care services, such as summer day camp, before or after school programs, and child or adult daycare. Use this FSA to pay for eligible child or elder daycare expenses for eligible dependents that allow you or your spouse to work or attend school full-time. You do not need to elect medical, dental or vision coverage through Corewell Health to participate in this option.
It’s a smart, simple way to save money while taking care of your loved ones so that you can continue to work. You don’t need to be enrolled in a medical plan to take advantage of this spending account.
Funding the FSA: You can contribute up to $5,000, unless regulations limit you to a smaller amount, per year, per household. Your funds are available only after they have been deposited each pay period.
If your annual base salary is $155,000 or greater, you will be limited to a maximum annual election of $1,400. This limit is in place to ensure that Corewell Health will not need to lower your contribution in the middle of the year when the IRS testing is not passed.
Unused Funds: Unused funds in your account do not carry over at the end of the plan year and are lost.
Using Your FSA
FSAs are administered by HealthEquity
You can use your prepaid FSA benefits card (health care only) to pay for expenses directly, just like a debit card. You may be asked to submit documentation of your expense.
If you have incurred a claim out of pocket, you can submit claims for reimbursement to HealthEquity.
Planning for your FSA
Both FSAs can provide tax savings on the expenses they cover, but only if you plan accordingly. Review your expenses from past years and estimate your needs for the coming year.
- You cannot transfer money between accounts.
- You cannot change your election during the year unless you have a qualifying family status change.
- Funds do not roll over from year to year: you lose any 2025 funds remaining in your account after March 31, 2026.
- Expenses need to be incurred during the time that you have the FSA.
What expenses are eligible?
For the IRS list of eligible expenses, visit www.irs.gov and see Publications 502 and 503.
Review the HealthEquity FSA qualified medical expenses list at https://www.healthequity.com/fsa-qme.
