Your Wealth
Flexible Spending Accounts
FSAs allow you to set aside pre-tax money to pay for eligible healthcare or dependent care expenses, which helps stretch your money further and lowers your taxable income. The company offers two types of FSAs: healthcare and dependent care.
Optum Bank
- (800) 243-5543
- www.optumbank.com
Our FSA administrator is Optum Bank. If enrolling in an FSA, you will receive a debit card in the mail. If you're enrolled in both FSAs, you'll only get one debit card.
How FSAs Work Direct Link
- Make your elections. When you elect a FSA during enrollment, indicate the amount you want to contribute for the plan year (up to IRS limits).
- Fund the account. Your annual contribution amount is taken from your paycheck pre-tax in equal amounts through the end of the plan year.
- Use the funds. If you elect the healthcare FSA, you will get a FSA debit card that you can use to pay for eligible expenses at the time of purchase—or you can pay out of pocket and submit a claim for reimbursement, as long as you have enough funds in your account.
Keep in Mind
The IRS has set specific rules about how FSAs work.
- Keep all of your receipts for eligible expenses. You will have to submit them to prove your expenses are FSA eligible.
- Your FSA elections never carry over from year to year. You have to re-elect them every year.
- You cannot transfer funds from one FSA to another.
- FSAs are use it or lose it accounts. You must use your funds by December 31 or the funds will be forfeited.
About the Accounts Direct Link
The healthcare FSA can be used for eligible health expenses, like copays, coinsurance, prescription drugs, contact lenses, contact lens solution and orthodontia. In order to participate in the Healthcare FSA, you must also be enrolled in medical coverage under the Traditional Plan.
You can use dependent care FSA funds for things like day care, preschool, after-school care or individuals who provide care inside or outside of your home. The expenses must be for children under age 13, or for dependents of any age who are physically or mentally unable to care for themselves.
Compare Account Types Direct Link
| Healthcare FSA | Dependent Care FSA | |
|---|---|---|
| Eligible Expenses | Eligible medical, dental and vision expenses (see publication 502 on irs.gov) | Day care or elder care expenses that allow you to work (see publication 503 on irs.gov) |
| 2025 Annual Contribution Limit | $3,300 | $5,000, or $2,500 if married and filing separate tax returns |
| Funds Availability | Full elected amount is available immediately when account is open | Account is funded as you make contributions each pay period |
| Deadline to Incur Expenses | Expenses must be incurred by December 31st | Expenses must be incurred by December 31st |
| Deadline to Submit for Reimbursement | Expenses incurred by December 31st can be submitted for reimbursement through March 31st of the following year. | Expenses incurred by December 31st can be submitted for reimbursement through March 31st of the following year. |
| What Happens if I Terminate Employment? | Only expenses incurred while you are a participant in the plan may be reimbursed. Expenses must have been incurred prior to the termination date. | If employment terminates or your participation in the plan terminates, you can continue to request reimbursement for expenses incurred until December 31st. |