Gain confidence when submitting your FSA receipts by being prepared!
How to Submit Receipts for Health Care FSA claims
The key to FSA claims processing smoothly is to be prepared! Find out how.
What is the FSA again?
The Health Care Flexible Spending Account (FSA) is a use-it-or-lose-it account employees may enroll in that is pre-funded every plan year. The funds in the account are contributed from employee pay checks in equal amounts every payroll on a pretax basis. The FSA may cover employee and dependent medical expenses like medical, vision, dental, prescription medications or counseling treatment. There is also a Dependent Care FSA – find out more about that under Our Benefits.
The first step to successful substantiation is ensuring that expenses you incur are qualified. The list of qualified FSA medical expenses can be found here, https://www.healthequity.com/fsa-qme
Why is substantiation required?
Per IRS regulations, all reimbursement requests must be substantiated. To ensure that all debit card transactions meet this requirement, HealthEquity utilizes IRS-approved software to verify debit card expenses at the point of sale. Participants will be required to provide documentation if card charges at the point of sale cannot be verified.
What needs to be on the receipt?
Your HealthEquity healthcare benefit accounts are regulated by the IRS. You must have a receipt or an explanation of benefits from your insurance carrier for each claim you submit against your account.
For quick processing, make sure all receipts include these five pieces of information:
- Patient’s Name. The name of the person who received the service or for whom the item was purchased. For retail store purchases, this information may be excluded.
- Provider’s Name. The provider that delivered the service or the merchant where the item was purchased.
- Date of Service. The date when services were provided or the item was purchased.
- Type of Service. A detailed description of the service provided or item purchased. A bag tag is sufficient for prescriptions.
- Cost. The amount paid for the service or product and/or the portion that is not reimbursed through your insurance carrier
For more information on receipt requirements, visit the following:
Where do I send the receipt?
Participants can submit Healthcare Card receipts by any one of the following:
- Submitting photos of their receipt, using the EZ Receipts® mobile app
- Uploading a receipt to the participant site online Account Management | WageWorks
- Faxing or mailing a Card Use Verification form (which will be provided upon card use)
