Health Care FSA

Synopsys has a new Flexible Spending Account administrator— HealthEquity.

Effective January 1, 2022, WageWorks becomes HealthEquity. There are a few things of importance to note.

  1. If you enrolled in a Health Care Flexible Spending Account (HC FSA) for the 2022 plan year, you should have received a new HealthEquity Visa Health Account Card. Additional cards for spouses and/or dependents may be requested through the Participant site Card Center tab. If you did not receive yours, please call (877) 924-3967, or send a message.
  2. You can begin to access your FSA funds on the HealthEquity Visa Health Account Card for any expenses you incur beginning January 1, 2022. Your WageWorks debit card will be deactivated on January 1, 2022.
  3. You can single sign-on from the Benefitsolver home page, or you can register and access your account at healthequity.com/wageworks. Select Log In/Register and then Employee Registration to create your unique HealthEquity credentials.
  4. The new HealthEquity platform must be used for FSA expenses incurred in 2022 using your 2022 FSA.
  5. Due to the COVID-19 pandemic, 2021 FSAs have a one-year grace period. That means, if you were enrolled in a Health Care or Limited Purpose FSA in 2021 and have a balance remaining, you can incur expenses until December 31, 2022. However, keep in mind that to receive reimbursement for your 2021 claims, you must submit your claims through the WageWorks platform (or access WageWorks through Benefitsolver) by March 31, 2023.

For more information, refer to these Frequently Asked Questions.

  If You Had an HC FSA in 2021 If You Have an HC FSA in 2022
FSA Administrator is... WageWorks HealthEquity
Grace period (Funds remaining in your account at the end of the year will be usable until...) December 31, 2022 February 28, 2023
You may submit claims until... March 31, 2023 March 31, 2023
You submit your claims via... The WageWorks platform The HealthEquity platform

Synopsys offers two types of Health Care Flexible Spending Accounts (HC FSA) to help you budget for certain health care expenses while reducing the amount of taxes you pay.

  • Traditional Health Care FSA – Medical, dental, and vision expenses. Available if you are enrolled in the Kaiser medical plan.
  • Limited Purpose FSA – Dental and vision expenses only. Available if you are enrolled in a Synopsys HS medical plan.
How the Health Care FSA Works

You may contribute from $100 to $2,850 of your pretax salary to the Health Care FSA and use this tax-free money to pay for eligible health care expenses. The Synopsys FSA plan is administered by HealthEquity.

  • FSAs reduce your taxable income by allowing you to set aside pretax income to be used on qualified expenses.
  • You must enroll every plan year in order to participate.
  • Domestic partners are not eligible for this plan.
  • Remember to budget the amounts you set aside carefully—if you don't use it, you lose it!
Eligible Health Care Expenses

Eligible expenses are those you incur for yourself or anyone you claim on your tax return as a dependent. Your dependents do not have to be covered under the Synopsys health care plans to be eligible.

An expense must be tax-deductible to be eligible for reimbursement under the health care spending account. Eligible expenses are medically necessary expenses not covered by your medical, dental, or vision plans, including:

  • Deductibles and copayments
  • Your share of covered expenses
  • Dental and orthodontia expenses
  • Prescription glasses, contact lenses, and lens-cleaning solution
  • Laser vision correction
  • Alcoholism or drug addiction programs
  • Prescription drugs and drug copayments
  • Over-the-counter medications prescribed by your doctor

Eligible expenses do not include cosmetic procedures, treatments not supervised by a qualified health care professional, premiums for employer-provided health care plans, or other expenses that are not medically necessary. Review the list of eligible expenses.

Accessing Your FSA
  1. Go to Benefitsolver:
  • From work: Visit the Benefits SharePoint webpage and click on "Benefitsolver."
  • From home: Log in to Benefitsolver with your Benefitsolver username and password. If this is your first time using the portal, select First Time Here, and register as a new user. Company key is "Synopsys."
  1. Refer to HealthEquity in your homepage sidebar.
Submitting Claims

There are three ways to submit claims for reimbursement:

Online
Mobile App
Fax or Mail
FSA Debit Card

If you participate in the HC FSA plan, you will receive a debit card from HealthEquity that you can use to pay for most eligible health care expenses. The amount of your expense is automatically deducted from your FSA, but always save your receipts. In many cases, you will have to submit receipts for validation.

Note: The debit card is available only for the Health Care Flexible Spending Account. A debit card is not available for the Dependent Care Flexible Spending Account.

Use It OR Lose It

This applies if you do not use all the money in your account by the end of the grace period following the plan year. Note that the 2021 grace period is longer than usual—the entire year of 2022.

The rule also applies if your employment terminates prior to the end of the plan year and you do not have eligible expenses incurred prior to your termination date to claim for reimbursement.

When your employment terminates, you have the option to elect continuation of Health Care FSA through COBRA to the end of the plan year to allow you additional time to incur eligible expenses and receive reimbursement.

Legal Notices

For detailed summaries and legal disclosures, visit the Legal Notices page.