Enroll in a 2025 pretax savings account during open enrollment

Would you like to reduce your taxable income and set aside money for healthcare or daycare expenses at the same time?

As part of its comprehensive benefits program, Mayo Clinic offers pretax savings accounts that allow you to do both. Dollars are deducted from your paycheck before income taxes are withheld, which allows you to pay taxes on less income.

You can use your pretax savings account for eligible expenses incurred by you or your dependents.

Mayo Clinic provides choice and flexibility by offering three types of pretax savings accounts to best meet your needs and the needs of your family members: a Healthcare Flexible Spending Account, a Health Savings Account, and a Dependent Care Flexible Spending Account.

Enrollment in a pretax savings account is not automatic, so you need to enroll each year to take advantage of the accounts.

If you want a pretax savings account for the upcoming calendar year, you must make an election during open enrollment, Nov. 1-15.

Explore your options

Explore the differences between the Healthcare Flexible Spending Account, Health Savings Account, and the Dependent Care Flexible Savings Account:

Who is eligible to participate?

Healthcare Flexible Savings Account: Benefits-eligible staff who are not enrolled in the Mayo Custom medical plan option.

Health Savings Account: Benefits-eligible staff who choose Mayo Custom as their medical plan option.

Dependent Care Flexible Savings Account: All benefits-eligible staff.

How much can I contribute?

Healthcare Flexible Savings Account: Up to $3,200 per staff member.

Health Savings Account: Up to $4,300 for staff-only coverage and up to $8,550 for other coverage levels. For those who are over 55, a catch-up contribution of $1,000 is allowed.

Dependent Care Flexible Savings Account: Up to $5,000 per household.

What can I use the money for?

Healthcare Flexible Savings Account: Eligible healthcare expenses for you and your eligible dependents, including but not limited to:

• Copays, coinsurance and deductibles for the medical, dental and vision plan.
• Prescription and over-the-counter medications.
• Corrective glasses or contact lenses.
• Orthodontic care.

Health Savings Account: The available balance in your HSA can be used to pay for eligible medical, prescription drug, dental and vision expenses for you and your eligible dependents according to IRS guidelines.

Dependent Care Flexible Savings Account: Employment-related child care expenses for a child under 13, including:

• Daycare or preschool.
• Before- and after-school care, or summer day camp.

Expenses to provide care for a person of any age you claim as a dependent on your federal income taxes, and who is mentally or physically incapable of self-care.

How do I submit a claim for reimbursement?

Healthcare Flexible Savings Account: Reimbursement claims are processed and paid by Medica ONESource. For your convenience, there are three options for accessing your account dollars:

• Download the Medica ONESource mobile app from the Apple or Google app stores and log in to submit claims.
• Visit Medica ONESource to download and print a claim form or submit claims online.
• For the Healthcare Flexible Savings Account only, use your Medica ONESource Visa debit card for easy access to your funds at a healthcare professional's office, pharmacy or anywhere that accepts Visa.

Health Savings Account: Your Health Savings Account contributions will be deposited in your account at Fidelity Investments. Fidelity offers several methods for claim submission including:

• You will receive a Fidelity NetBenefits Access Card in the mail to make it easy to use Health Savings Account funds at the point of service through the debit card system.
• You can submit a reimbursement request online through the Fidelity app or website.
• Fidelity offers an online bill pay system that can issue payment directly to the provider of service.

Dependent Care Flexible Savings Account: Reimbursement claims are processed and paid by Medica ONESource. For your convenience, there are three options for accessing your account dollars:

• Download the Medica ONESource mobile app from the Apple or Google app stores and log in to submit claims.
• Visit Medica ONESource to download and print a claim form or submit claims online.
• For the healthcare FSA only, use your Medica ONESource Visa debit card for easy access to your funds, such as a healthcare provider's office, pharmacy or anywhere that accepts Visa.

When are the funds available?

Healthcare Flexible Savings Account: Your full contribution election will be available on Jan. 1, 2025.

Health Savings Account: Funds will be credited to your account as they are deducted from your paycheck throughout the year. Generally, the credit will appear within 7 days following payday.

Dependent Care Flexible Savings Account: Funds are available as they are contributed. This means you have flexibility as to when you request reimbursements. For instance, you can:

• Submit a recurring dependent care request form, available through your Medica ONESource member portal, at the beginning of the year. Once funds are available, they are paid automatically based on recurring expenses.
• Submit claims throughout the year as expenses are incurred.
• Wait until the end of the year to submit your expenses and receive a larger reimbursement.

What happens to unused funds at the end of the year?

Healthcare Flexible Savings Account: For 2024 health care FSA dollars, the rollover is increasing to $640. This means up to $640 of unused funds for 2024 can roll over into your balance for 2025, as long as you maintain eligibility criteria.  For 2025 health care FSA dollars, the rollover limit will be at least $640 but could be greater if the regulations are changed.

Health Savings Account: The balance in your HSA rolls over from year to year. And, it is completely portable. If you leave Mayo Clinic or change medical plans, you can take this account with you to pay for future qualified expenses.

Dependent Care Flexible Savings Account: The dependent care FSA does not allow a rollover of unused funds.