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Flexible Spending Accounts (FSA)
A FSA is a spending account provided by your employer that can be used to pay for different types of eligible expenses.
Cigna Healthcare offers 3 different types of FSAs:
Health Care FSA
Covers eligible health care expenses for you and your covered dependents.
Limited Purpose FSA
Covers eligible dental and vision expenses, and is usually only offered with a Health Savings Account (HSA).
Dependent Care FSA
Covers eligible expenses for dependents age 12 and under, and disabled dependents of any age.
How do FSAs work?
- Based on the type of FSA you have, figure out how much you may need for the eligible expenses for you and/or your covered dependents for the Cigna HealthcareSM plan year. You can decide how much you want to contribute from each paycheck up to the yearly limit set by the IRS guidelines .
- You can withdraw money from the account throughout the year to reimburse yourself for the eligible expenses you’ve paid.
- Some plans include a debit card so you can easily pay from your FSA at the time of service. You can use your FSA debit card only to cover eligible expenses specified by your plan.
- FSAs can help you save money because you contribute to the account from your paycheck before federal taxes. This reduces your taxable income.*
- FSAs can be offered alone, or paired together with a HRA or HSA.
Flexible Spending Accounts (FSA)
Watch this short video to learn how to get the most from your Flexible Spending Account. (Length: 01:55)
Flexible Spending Accounts (FSA)
FSA Comparison Chart
Compare and learn about the similarities and differences among the three types of FSAs.**
|
FSA
|
Health Care FSA
|
Limited Purpose FSA
|
Dependent Care FSA
|
|---|---|---|---|
|
Type of expenses it covers:
|
Covers eligible health care expenses such as:
|
A type of Health Care FSA that is limited to dental and vision expenses such as:
|
Covers eligible dependent care expenses such as:
|
|
Who is eligible?
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You and your IRS eligible dependents
|
You and your IRS eligible dependents
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Covered dependents age 12 and under Dependents with a disability, of any age, who are unable to care for themselves
|
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Does the balance carry over to the next plan year?
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Yes – you may be able to carry over up to $500 depending on your employer’s plan
Or your employer may offer a 2.5 month grace period where you can use the FSA in the next calendar year |
Yes – you may be able to carry over up to $500 depending on your employer’s plan
Or your employer may offer a 2.5 month grace period where you can use the FSA in the next calendar year |
No – you lose any dollars left in your Dependent Care FSA if receipts are not submitted by the date set by your employer
You can withdraw money from the account throughout the year to reimburse yourself for the eligible expenses you’ve paid |
|
Any special requirements?
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FSA accounts are only offered through your employer
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Due to IRS regulations, a Limited Purpose FSA is the only type of FSA that can be offered with a HSA plan
FSA accounts are only offered through your employer |
To be eligible, you (or both you and your partner) must be working, looking for work, or going to school
|
More benefits through your employer
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*Some cities and municipalities may impose income taxes on FSAs. For detailed information, please contact your local department of taxation.
**Plans vary, but this is how FSAs generally work. Please refer to your plan documents, including specific information on your Health Care FSA, or contact your employer for more information on what’s covered and not covered by your plan.
Group health plans are insured and/or administered by Cigna Health and Life Insurance Company or its affiliates. Plans contain exclusions and limitations and may not be available in all areas. For costs and details of coverage, review your plan documents.
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Disclaimer
Product availability may vary by location and plan type and is subject to change. All health insurance policies and health benefit plans contain exclusions and limitations. For costs and details of coverage, review your plan documents or contact a Cigna Healthcare representative.
All Cigna Healthcare products and services are provided exclusively by or through operating subsidiaries of The Cigna Group Corporation, including Cigna Health and Life Insurance Company, Cigna HealthCare of Arizona, Inc., Cigna HealthCare of Georgia, Inc., Cigna HealthCare of Illinois, Inc., Cigna HealthCare of North Carolina, Inc. and Cigna HealthCare of Texas, Inc. Group health insurance and health benefit plans are insured or administered by CHLIC, Connecticut General Life Insurance Company (CGLIC), or their affiliates (see a listing of the legal entities that insure or administer group HMO, dental HMO, and other products or services in your state). Accidental Injury, Critical Illness, and Hospital Care plans or insurance policies are distributed exclusively by or through operating subsidiaries of The Cigna Group Corporation, are administered by Cigna Health and Life Insurance Company, and are insured by either (i) Cigna Health and Life Insurance Company (Bloomfield, CT). The Cigna Healthcare name, logo, and other Cigna Healthcare marks are owned by Cigna Intellectual Property, Inc. This website is not intended for residents of New Mexico.
La aseguradora publica el formulario traducido para fines informativos y la versión en inglés prevalece para fines de solicitud e interpretación.
The insurer is issuing the translated form on an informational basis and the English version is controlling for the purposes of application and interpretation.