Flexible Spending Accounts (FSA)

Flexible Spending Accounts (FSAs) from Optum Bank let you set aside pre-tax dollars for eligible health and dependent care expenses. You can enroll in one or both FSAs and must choose your annual contribution amount, which is deducted pre-tax from your paycheck.

Health Care FSA

IRS Annual Maximum: $3,300

Covers eligible expenses for you, your spouse/domestic partner, and children.
Use the full annual amount anytime during the plan year.
Eligible expenses include copays, coinsurance, deductibles, orthodontia, and glasses/contacts. For a complete list, refer to IRS Publication 502: Medical and Dental Expenses, available at www.irs.gov/publications .
When you incur an eligible expense, you can use your Optum Bank debit card or pay out-of-pocket and submit a reimbursement request with documentation.
Not available if enrolled in HDHP with HSA.

Limited Purpose FSA

IRS Annual Maximum: $3,300

For HDHP with HSA participants.
Covers eligible dental and vision expenses only.
The Limited Purpose FSA also allows for reimbursement of medical expenses subject to meeting the Cigna HDHP/HSA plan's annual deductible

Dependent Care FSA

IRS Annual Maximum: $5,000

Covers daycare expenses for children 12 and under, or older dependents who cannot physically or mentally care for themselves.
Care must be necessary for you and your spouse to work.
Care may be provided through live-in care, babysitters, or licensed daycare centers.
Reimbursement only up to the amount available in your account after payroll contributions.

Learn more:

Plan documentation

Important:

FSAs offer tax advantages, but are subject to IRS regulations.

Deadlines

All expenses for the Health Care and Dependent Care Flexible Spending Accounts must be incurred during the plan year: January 1 through December 31. Must file claims by March 31 of following year.