FAQs

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• When do I have access to my carryover funds? Open Closed

  If you reenroll in a Health Care FSA, your carryover funds will be available on the first day of the new plan year-that's January 1. The amount that's carried over is determined at the end of any run-out period for the previous plan year. … Read more…the full answer

• I meet the requirements of a Qualified Reservist. Do the same carryover rules apply for the Health Care FSA and the Limited Expense Health Care FSA? Open Closed

  Yes. Carryover rules apply to Health Care FSAs and Limited Expense Health Care FSAs. … Read more…the full answer

• Are expenses paid with an HCFSA tax deductible? Open Closed

  If you use a Health Care FSA (HCFSA) to pay for eligible health care expenses, you cannot deduct those same expenses on your federal income tax return. However, your entire allotment (FSA contribution) is deducted from your pay … Read more…the full answer

• Can I deduct expenses reimbursed by my HCFSA on my tax return as a medical expense? Open Closed

  No, you cannot because you have already received reimbursement with tax-free dollars through your Health Care FSA (HCFSA).… Read more…the full answer

• Why should I use an FSA for health care expenses rather than deducting the expenses on my income tax return? Open Closed

  Medical expenses that exceed 10 percent of your adjusted gross income (AGI) can be deducted on your federal income tax form. However, FSAs are tax-free from the first dollar. You do not have to meet the 10 percent AGI minimum before receiving the… Read more…the full answer

• Are over-the-counter (OTC) menstrual care products eligible for reimbursements from my HCFSA? Open Closed

  The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law Friday, March 27, 2020. The CARES Act newly allows for the reimbursement of menstrual care products effective January 1, 2020. When you submit a c… Read more…the full answer

• What is a Limited Expense Health Care FSA? Open Closed

  A Limited Expense Health Care FSA (LEX HCFSA) is a flexible spending account option if you are enrolled in a Federal Employees Health Benefits (FEHB) high-deductible health plan (HDHP) and have a He… Read more…the full answer

• How does a LEX HCFSA save me money? Open Closed

  IRS rules do not allow you to contribute to a Health Savings Account (HSA) if you are covered by any non-qualifying health plan, including a general-purpose Health Care FSA. By limiti… Read more…the full answer

• Are all my dependents covered under a LEX HCFSA? Open Closed

  Yes, all dependents you claim or are eligible to claim on your federal income tax return, or on the return you jointly file with another are covered under your LEX HCFSA.… Read more…the full answer

• How much can I contribute to my LEX HCFSA? Open Closed

  With a LEX HCFSA, you can set aside anywhere from a minimum of $100 up to $3,400 per benefit period (plan year). As with a Health Care FSA (HCFSA), the maximum annual allotment for a LEX HCFSA is $3,400 per covered employee, … Read more…the full answer