FSAs allow you to set aside pre-tax dollars to pay for eligible health and dependent care expenses1. Each year, you must elect the annual amount you want to contribute to your FSA(s). Your contributions will be deducted pre-tax from your paycheck, which can help reduce your taxable income. You may not make changes to FSA elections during the plan year unless you experience a qualifying life event.
Note: The Limited Purpose FSA is available to Choice Fund HDHP with HSA plan members only. HSA plan members are not eligible to participate in the Health Care FSA.
Learn more about your three FSA options.
If you participate in a Health Care FSA, you can set aside pre-tax dollars from your paycheck to be used for reimbursement of eligible health care expenses1. You may submit reimbursement claims for eligible expenses, such as medical, dental, and vision expenses, including deductibles, copays, and prescriptions, that you, your spouse, and your children incur during the plan year. When you incur an eligible expense, you can use your IGOE debit card and/or submit documentation for reimbursement.
Note: If you are enrolled in the HSA plan, you are not eligible to participate in the Health Care FSA.
The Limited Purpose FSA is available to HSA account holders only to set aside pre-tax funds for eligible dental and vision expenses<sup>1</sup> for you, your spouse, and your children.
The Dependent Care FSA lets you use pre-tax dollars to pay eligible daycare expenses for children age 12 and under, or elder dependents who are unable to care for themselves. Care can be provided through daycare, day camps, preschool, and caregivers for disabled dependents.
FSAs offer significant tax advantages, but are subject to IRS regulations:
1For a complete list of eligible expenses, review IRS Publication 969 and Publication 502.
