Limited Purpose FSA


 

If you are enrolled in the Consumer Choice PPO Plan with Health Savings Account, you can participate in the Limited Purpose Health Flexible Spending Account.

Do you expect any dental or vision expenses during the plan year? If so, then you might want to open a Limited Purpose Health Flexible Spending Account (FSA) to save money. 

This pre-tax feature allows you to save up to the IRS limit in your Health Savings Account while contributing up to $2,600 (pre-tax) per calendar year for non-medical reimbursable expenses such as dental or vision charges not covered under a group plan.

 

Qualified expenses eligible for reimbursement with a Limited Purpose Health FSA include:

  • Dental and vision deductibles and copayments not covered by insurance
  • Eyeglasses and contact lenses
  • Your portion of orthodontia expenses
  • Certain over-the-counter drugs and supplies such as contact lens solution

FSA: Use It or Lose It

Tax advantage accounts have certain tax advantages. Therefore, the IRS regulates all tax advantage accounts. By law, any funds not used for services during the year will be lost. In other words, you need to use the money in your account or you'll lose it. See the www.irs.gov website for the complete list of qualified expenses, Publication 502.

Changing your Limited Purpose Health FSA contribution amount mid-year can only occur if you experience a qualifying status change. Contact Farm Credit Foundations for more information.

Managing Your Account

  • View your account activity and balance online

  • Request an electronic check, one time or recurring bill payments, such as orthodontics

  • Update your contact information

  • Order additional debit cards(HSA, Limited Purpose, and HealthCare Debit Card option)

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Maximum Contribution Amount

You can elect to contribute up to $2,600 into a Limited Purpose Health FSA.  When deciding the amount you wish to contribute to this account, take into consideration:

  • Known or fixed health care costs that are not covered by dental or vision insurance.
  • Deductibles required under the dental/vision option you select.

Amount Available for Reimbursement

Your total annual Limited Purpose Healt FSA contributions are available to be reimbursed at any time during the year. For example, if your claims exceed the balance in yourLimited Purpose Health FSA, you will be reimbursed up to the total amount you have elected to deposit for the year, regardless of the amount you have contributed at the time you submit your claim.  Save your receipts. You may have to show the IRS the expense was qualified.

 

Eligible Expenses for a Limited Purpose Health FSA Include:

  • Dental and vision deductibles and co-payments not covered by insurance
  • Eyeglasses and/or contact lenses
  • Orthodontia deductibles and co-payments
  • Certain OTC drugs and supplies, such as contact lens solution.


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