SouthFlex - Flexible Spending Account Plans
SouthFlex, a flexible spending accounts plan, is an employee benefits program designed to increase your disposable income by reducing the amount of taxes you pay. This program allows the use of pre-tax dollars to pay for qualified dependent/child care expenses and eligible healthcare expenses, including dental expenses, which are not reimbursed by USA Health & Dental Plan or any other insurance plan.
HealthEquity, Inc (BCBS) will provide claims administration for SouthFlex Flexible Spending Accounts. We will also continue to offer the HealthEquity® Visa® Reimbursement Account Debit Card. When you incur a qualified medical expense, you will be able to pay with the HealthEquity® Visa® Reimbursement Account Card or submit the expense through the HealthEquity online tool for reimbursement. It is important to remember to save all receipts as you will need them for reimbursements and to possibly validate your expenses with HealthEquity.
How COVID-19 and the CARES Act affects your account
You establish your account(s) by electing an annual amount to be deducted from your paycheck and deposited equally over 12 or 26 pay periods, depending on your monthly or biweekly pay status. You do not pay social security taxes, federal income taxes or state income taxes on either the amount you contribute to an account(s) or the amount reimbursed to you from an account(s). New employees interested in participating in SouthFlex must submit a completed enrollment form to Human Resources within 30 days of employment. Current employees must enroll each year during Open Enrollment in November for participation in the following calendar year.
The maximum annual employee salary reduction contribution allowed for the Healthcare Flexible Spending is $3,050 effective January 1, 2023.
The maximum annual employee salary reduction contribution allowed for the Dependent Care Flexible Spending Account is $5,000 or $2,500 for married taxpayers filing separate returns.
If you have questions concerning your FSA, please contact HealthEquity, Inc.
For more information, visit www.healthequity.com.
HealthEquity Member Services: (877) 288-0719 memberservices@healthequity.co