Flexible Spending Accounts

Health Care FSA
Limited Purpose FSA

Health Care FSA

Flexible spending accounts, or FSAs, save you money because you can pay for eligible expenses with tax-free dollars. If you are enrolled in the Cigna Choice Plan with HSA medical plan, you will only have access to the Limited Purpose FSA.

Use it or lose it: FY24 flexible spending accounts (FSAs) deadline is Oct 31

You have until Oct 31, 2024 to submit claims for reimbursement from your Health Care FSA, Limited Purpose Health Care FSA, or Dependent Care FSA for expenses incurred between Aug 1, 2023 and Jul 31, 2024. Per IRS guidelines, any funds left in your account after this time will be forfeited.

How it works

• You must re-enroll every year. See how to enroll in the health care FSA.
• You decide how much to contribute to your health care FSA—between $26 and $3,050 per plan year (Aug 1–Jul 31).
• Your full fiscal year contribution is available beginning Aug 1.
• Your plan year contribution will be deducted from your paycheck before federal, state, local and Social Security taxes are withheld. Your Form W-2 will include your calendar year (not plan year) contribution.
• If you contribute $150 or more, you’ll get a Via Benefits debit card. Just swipe your card when paying for eligible expenses, and the amount is automatically deducted from your account.
• You have until Oct 31—three months following the end of the plan year—to submit claims for reimbursement.
• You can change your contribution under certain circumstances.
• You do not need to enroll in an Intuit medical plan to participate in the health care FSA.

Eligible health care expenses

You can use the Health Care FSA to pay for eligible out-of-pocket medical expenses (such as deductibles, copays and coinsurance) for:

• Yourself
• Anyone you claim on your tax return as a dependent—even if they’re not enrolled in an Intuit medical plan

Eligible expenses must be:

• Tax deductible, according to the IRS
• Medically necessary and not covered by your medical, dental, or vision plans. See examples.

Good to know

• Save your receipts! Whether you have a Via Benefits debit card or not, you may need to submit receipts to substantiate your claim.
• Remember the use-it-or-lose-it rule. The money you contribute does not roll over from year to year. Carefully consider your needs when deciding how much to contribute.
• Plan year versus calendar year. Your contributions are made on a plan year basis while IRS limits and FSA contribution amount that's shown on your Form W-2 are calendar year amounts.

Covered by the Cigna Choice Fund with HSA medical plan?

The Limited Purpose FSA works hand in hand with the Cigna Choice Fund with HSA medical plan. You can use it to pay for dental and vision expenses—your HSA can help you pay for medical and other eligible expenses. You may want to consider the Limited Purpose FSA for eligible non-medical expenses if you plan on saving your HSA money for the future.

Limited Purpose FSA

This type of FSA is available if you’re enrolled in the Cigna Choice Fund with HSA medical plan, and you can only use it to pay for eligible dental and vision expenses.

Why? Under IRS rules, you cannot have both a Health Savings Account and a regular Health Care FSA.

How it works

• You must re-enroll every year. See how to enroll in the Limited Purpose FSA.
• You decide how much to contribute to your Limited Purpose FSA—between $26 and $3,050 per plan year (Aug 1–Jul 31).
• Your plan year contribution will be deducted from your paycheck before federal, state, local and Social Security taxes are withheld. Your Form W-2 will include your calendar year (not plan year) contribution.
• You have until Oct 31—three months following the end of the plan year—to submit claims for reimbursement.

Eligible dental and vision expenses

Examples of Limited Purpose FSA eligible dental and vision expenses.