Healthcare Spending Account (FSA)

What is the advantage of a Healthcare Spending Account?
  • What is the advantage of a Healthcare Spending Account?
    One of the biggest advantages of a Healthcare Spending Account is the tax savings. Every dollar you set aside in your account reduces the amount you pay in income taxes. Plus, you can be reimbursed for qualified expenses that you would otherwise be paying for with after-tax dollars.

    You can only enroll in the Healthcare Spending Account if you are enrolled in the Traditional Plan or are not enrolled in Newell Brands' medical coverage. You can use it to pay for qualified medical, dental, prescription, and vision expenses. You must use all of your money in your account by the deadline, or you forfeit it.
What expenses can I pay with the Healthcare Spending Account?
  • What expenses can I pay with the Healthcare Spending Account?
    Your Healthcare Spending Account funds can be used tax-free to pay for out-of-pocket qualified medical expenses. There are hundreds of qualified medical expenses, including:
    • Medical and dental plan deductibles, copays, and coinsurance
    • Prescription drug copays and coinsurance
    • Certain over-the-counter drugs with a prescription
    • Vision expenses

    Refer to IRS Publication 502 for a more complete list of qualified medical expenses.
Can I save in both a Health Savings Account (HSA) and a Healthcare Spending Account?
  • Can I save in both a Health Savings Account (HSA) and a Healthcare Spending Account?
    No. You can only contribute to the HSA if you are enrolled in the Consumer Plan or the Consumer Plus Plan. You can only contribute to the Healthcare Spending Account if you are enrolled in the Traditional Plan or in certain circumstances if you are not enrolled in Newell Brands medical coverage.
Will I receive a debit card with the Healthcare Spending Account?
  • Will I receive a debit card with the Healthcare Spending Account?
    If you are currently enrolled in the Healthcare Spending Account you will not receive a new debit card. You will continue to use the one you have. If you are enrolling in the Healthcare Spending Account for the first time, BenefitWallet will send you debit card. You may need to submit documentation of your purchases. You can also pay providers directly online at BenefitWallet.
How much can I contribute to my Healthcare Spending Account?
  • How much can I contribute to my Healthcare Spending Account?
    How much can I contribute to my Healthcare Spending Account? The 2021 IRS limit is $2,750.
Can I change my Healthcare Spending Account contribution during the year?
  • Can I change my Healthcare Spending Account contribution during the year?
    Healthcare Spending Account contributions cannot be changed during the plan year, unless you experience a Qualified Life Event, such as the birth of a child or marriage.
When is the money available in my Healthcare Spending Account?
  • When is the money available in my Healthcare Spending Account?
    If you are a new hire, your money will be available once your benefits become effective.

    If you are a current employee, your money will be available on January 1.
What happens to the money in my Healthcare Spending Account at the end of the year?
  • What happens to the money in my Healthcare Spending Account at the end of the year?
    Any money that is left is forfeited if there are no claims incurred by December 31, 2020. You will have an extended period until March 31, 2021 to submit claims incurred in 2020.
What is the difference between the Healthcare Spending Account and the Dependent Care Spending Account?
  • What is the difference between the Healthcare Spending Account and the Dependent Care Spending Account?
    The Dependent Care Spending Account is a tax-advantaged savings account designed to help you pay for qualified expenses used in the care of an eligible dependent, such as for day care. The Healthcare Spending Account is a tax-advantaged savings account designed to help you pay for qualified medical, dental, prescription, and vision expenses. Both are governed by IRS rules.