Flexible Spending Account
A Flexible Spending Account (FSA) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside. Associates are eligible to participate in the Flexible Spending Accounts offered through Optum Bank. Uptima offers a Medical FSA, Limited FSA, and Dependent Care FSA option.
Watch this video to learn more about Flexible Spending Accounts.
FSA BASICS
- Money deducted from your paycheck pre-tax.
- Used for eligible health care, dental or vision
- You may use your Health Care or Limited FSA funds in advance of contributing the full annual amount.
- Everyone must re-enroll every year.
USING YOUR FSA
- Pay out-of-pocket and submit claims online or via mobile app
- Use your FSA debit card to pay for eligible expenses
- Keep all receipts in case you need to provide documentation
Limited FSA
Available with:
HDHP Plan
A Limited FSA is a pre-tax spending account that can only be used for eligible dental and vision expenses.You can use your funds to pay for a variety of dental and vision care products and services for you, your spouse or domestic partner, and your dependents.
Availability of Funds: Effective date
Maximum Contribution
Health Care Flexible Spending Account1,2
$3,300
Sample Expenses: Medical, dental, vision, pharmacy copays, deductible & coinsurance, glasses, contacts, vision correction surgery
Limited Flexible Spending Account1,2,3
$3,300
Sample Expenses: ONLY eligible dental and vision expenses
Dependent Care Flexible Spending Account1,4
Single or married filing a joint return: $5,000
Married filing separate return: $2,500
Sample Expenses: Daycare, after-school care, elder care
- The IRS requires you to keep copies of all expenses in which your FSA dollars were used.
- Annual pledged contribution is available on your effective date of coverage.
- If you elect to participate in the High Deductible Health Plan and contribute to a Health Savings Account (HSA), you qualify for the Limited FSA (not the Full Health Care FSA) and your flex dollars may only be used for eligible dental and vision expenses, NOT medical or pharmacy expenses.
- Annual pledged contribution is available to the extent of employee contribution.