Synopsys offers two types of Health Care Flexible Spending Accounts (HC FSA) to help you budget for certain health care expenses. FSAs reduce your taxable income by allowing you to set aside pretax income to be used on qualified expenses. The Synopsys FSA plan is administered by HealthEquity.
- 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.
You may contribute from $100 to $3,050 of your pretax salary to the Health Care FSA and use this tax-free money to pay for eligible health care 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 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.
- 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."
- Refer to HealthEquity in your homepage sidebar.
There are three ways to submit claims for reimbursement:
Fax your completed claim form and supporting documentation to (801) 999-7829. To mail your reimbursement request, please visit healthequity.com/wageworks, and select Employees from the top toolbar, then Important Forms from the Support Center list for instructions.
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.
This applies if you do not use all the money in your account by the end of the grace period following the plan year.
|If You Have an HC FSA in 2023||If You Have an HC FSA in 2024|
|Grace period (Funds remaining in your account at the end of the year will be usable until...)||February 29, 2024||February 28, 2025|
|You may submit claims until...||March 31, 2024||March 31, 2025|
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.
For detailed summaries and legal disclosures, visit the Legal Notices page.