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  • About Us
    • Our History
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  • Services
    • FSA & LPFSA
    • Dependent Care
    • HRA
    • HSA
    • COBRA
    • WEX Health Card
  • Forms / Resources
  • 24/7 Account Access
  • OTAP Info.
  • FSA Store / HSA Store
  • Contact Us/Quote Request
  • More
    • Home
    • COVID-19 Info.
    • About Us
      • Our History
      • Our Team
    • Services
      • FSA & LPFSA
      • Dependent Care
      • HRA
      • HSA
      • COBRA
      • WEX Health Card
    • Forms / Resources
    • 24/7 Account Access
    • OTAP Info.
    • FSA Store / HSA Store
    • Contact Us/Quote Request
  • Home
  • COVID-19 Info.
  • About Us
    • Our History
    • Our Team
  • Services
    • FSA & LPFSA
    • Dependent Care
    • HRA
    • HSA
    • COBRA
    • WEX Health Card
  • Forms / Resources
  • 24/7 Account Access
  • OTAP Info.
  • FSA Store / HSA Store
  • Contact Us/Quote Request

**NOTE: Please visit our "COVID-19 Info." page for updates/changes regarding your plans.**

Flexible Spending Account (FSA) & LPFSA (Limited Purpose)

WHAT IS AN FSA ?


A Medical FSA is a benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for Medical/Dental/Vision expenses. This saves you money by reducing your taxable income. You elect to have your annual contribution (up to $3,050 *2023 IRS limit* ) deducted from your paycheck each pay period, in equal installments throughout the year, until you reach the yearly maximum you have specified.  FSA dollars can be used during the plan year to pay for qualified expenses and services. Your annual election is made available to you UP FRONT on the first day of your plan year/eligibility.


What does it cover (some examples)?

  • Copays and coinsurance
  • Doctor visits and surgeries
  • Over-the-counter medications (first-aid, allergy, asthma, cold/flu, heartburn, etc.)
  • Prescription drugs
  • Birthing and Lamaze classes
  • Dental and orthodontia
  • Frames, contacts, prescription sunglasses, etc. 

AND MUCH MORE! *Visit the FSA Store page to see an extensive list of eligible items*


WHAT IS AN LPFSA ?


A Limited Purpose FSA is a benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for qualified dental, vision, and preventative care expenses ONLY. This plan offers instant access to funds for expenses you incur throughout the year with your annual election being made available to you UP FRONT on the first day of your plan year/eligibility. The amount of your pay that goes into an LPFSA will not count as taxable income, so you will have immediate tax savings. 

 

What does it cover (some examples)?

  • Dental and orthodontia office visits and expenses
  • Dental implants, veneers, dentures and bridges
  • Optometrist and ophthalmologist visits and expenses
  • Eye glasses, contacts, prescription sunglasses

NOTE: A Limited Purpose Medical FSA works with a qualified high deductible health plan (HDHP) and Health Savings Account (HSA). A limited FSA only allows reimbursement for preventive care, vision and dental expenses. 


Changing your FSA/LPFSA election mid-year. In order to make changes to your election after open enrollment, you need to experience a qualifying life event.


Some Qualifying life event examples:

  • Change in marital status
  • Change in the number of dependents 

(Increase due to birth, adoption or marriage) or (Decrease due to death, divorce or loss of eligibility)

  • Gain/loss of eligibility due to a change in participant/spouse/dependent employment status
  • Judgement, decree or order requiring a change in coverage


**Please check with your Employer and/or Keystone to see what plans are offered**

It's not ALWAYS a "USE it or LOSE it" plan!

GRACE PERIOD Plan Option


A grace period extends the period of time you have to use your FSA funds on eligible expenses. Think of it as a safety net for your FSA. If you end up spending less than you anticipated when you made your elections during open enrollment, you can tap into those funds for up to an additional 2½ months (75 days).


• This extension does not impact the next plan year. You can still elect up to the full maximum annual election.

• If you have the benefits debit card, it will continue to work as normal, using the funds remaining in your prior plan year first.


ROLLOVER Plan Option


A carryover allows you to transfer up to $610 (2023) of your remaining balance at the end of the plan year into the following year. If you end up spending less than you anticipate when making your elections during open enrollment, you can tap into those funds next year.


•You are able to carry over up to $610 (2023) while still electing the full maximum annual election in the new plan year.


NOTE: These are OPTIONAL plan designs that are at the discretion of the Employer. Please check with your Employer and/or Keystone to see what plan designs are offered to you.


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