Flexible Spending Accounts - FSA
What is a Flexible Spending Account (FSA)? A FSA is a spending account provided by your employer that can be used to pay for different types of eligible medical, dental and vision expenses. These accounts are solely funded by the employee on a pre-taxed basis.
A Flexible Spending Account [FSA] allows you to use pre-tax dollars to pay for qualified healthcare or dependent day care expenses. There are 3 types of FSA accounts available:
- General Purpose Healthcare FSA - HCFSA (For individuals not enrolled in a HDHP health plan) Used to pay eligible medical, dental and vision expenses IRS Annual Maximum amount: $2,600.00.
- Limited Purpose Healthcare FSA - Ltd-HCFSA (For individuals enrolled in a HDHP health plan) Used to pay eligible dental and vision expenses ONLY. IRS Annual Maximum amount: $2,600.00
- Dependent Care FSA - DCFSA Used to reimburse eligible day care, child care and elder care expenses. IRS Annual Maximum amount: $5,000.00.
IMPORTANT NOTE: Any unused amounts credited to your account as of the end of the coverage year will be forfeited.
***For continued participation in the Flexible Spending Account annual enrollment is required, during the open enrollment period***
MPS offers 3 different types of FSAs:
Limited Purpose FSA
Covers eligible dental and vision expenses, and is usually only offered with a Health Savings Account [HSA]. View IRS eligible health care expenses Dental Reimbursement Claim Form How to submit a dental reimbursement Vision Reimbursement Claim How to submit a vision reimbursement