Flexible Spending Accounts & Health Savings Accounts
Contribution Limits
| FSA Contribution Limits | |
| Health FSA / Limited Purpose FSA | $3,200 |
| Health FSA Rollover | $640 |
| Dependent Care FSA | $5,000 |
| HSA Contribution Limits | |
| HSA Contribution Maximum | Single: $4,300 Family: $8,500 |
| HSA Catch-up Limit (age 55 and older) |
$1,000 |
| HSA Employer Contribution (Annually) |
|
| HSA Employer Contribution- Single Only | $600 |
| HSA Employer Contribution- Family | $1,200 |
Flexible Spending Accounts
The College's flexible spending plans are managed by HealthEquity.
Employees will have use of a flexible spending benefits card that acts much like a debit card tied directly to your flexible spending accounts. When presented for medical services, your charges are automatically deducted from your designated healthcare flexible spending balance.
The College will continue to allow employees to roll over a remaining balance from the prior plan year. You will continue to have a three-month run out period after the end of the plan year (December 31st) in order to file your claims for the prior plan year. Any remaining funds from your last years election (up to the rollover limit), will be included in your next years available balance. Roll over funds are only available for health care expenses.
Limited Purpose FSA
A Limited Purpose FSA is a Flexible Spending Account (FSA) that is compatible with a Health Savings Account (HSA) and or a Qualified High Deductible Health Plan (like HDHP 7). The eligible expenses under a Limited Purpose FSA account are limited vision and dental charges that are NOT covered by your insurance.
Flexible Spending Links and Contact Information from HealthEquity
HealthEquity Website
HealthEquity Account Forms
Customer Service:
HealthEquity Customer Service (866) 346-5800
Health Savings Account
The Health Savings Accounts associated with our High Deductible Health Plan (PPO Plan 7) are also administered by HealthEquity.
Roanoke College continues to make an employer sponsored Health Savings Account (HSA) contributions to employees enrolled in the college-sponsored High Deductible Health Plan 7.
Please visit the HealthEquity website for FAQs; information on how HSAs work; to find out what expenses are eligible and for access to savings calculators. You'll also find brief videos on a number of topics including how to set up your account, and how to invest and withdraw funds. Health Equity Customer Service is also available to answer any questions you might have about your account or how to open an HSA.
Health Savings Account Links and Contact Information
Customer Service:
HealthEquity Customer Service (866) 346-5800