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Limited Purpose Medical Care FSA - State Of Indiana - In
Get Limited Purpose Medical Care FSA - State Of Indiana - In
Gs Account (HSA) Key Benefit Administrators - FlexPro P.O. Box 55210 Indianapolis, IN 46205 800-558-5553 * 317-284-7150 Fax: 866-241-1488 * 317-284-7269 Table of Contents Description Limited Medical Care FSA Introduction Letter Plan Definitions Plan Specifics Page What Type of Expenses Are Eligible? Flex Benefits Card Claims Procedures Limited Medical Care FSA Frequently Asked Questions How much can I save participating in an FSA? Claim Form Page 3 Page 5 Page 6 Page 7 Page 8 Page 10 Page.
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LASIK FAQ
Healthcare FSAs let you pay for all eligible medical expenses, including dental and vision expenses, as well as over-the-counter medications. Limited Purpose FSAs restrict eligible expenses to dental and vision expenses exclusively. Dependent Care FSAs restrict eligible expenses to dependent care expenses exclusively.
Limited purpose flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) can be paired with other types of accounts to create a spending account limited to qualified dental and vision expenses.
The difference between a Health Care FSA and a Dependent Care FSA is that the Health Care FSA is for eligible health care expenses for you and your eligible dependents, and the Dependent Care FSA is for expenses related to the care of a dependent child or adult (for example, day care).
An LPFSA, like an FSA, is only available to you if your employer offers it; you can't open an account on your own. Under federal law, both also have an annual contribution limit of $3,050 in 2023, rising to $3,200 in 2024.
There are two types of FSA accounts: Medical FSA's and Dependent Care FSA's. You can only use these accounts for the purposes that they are designated for and each account has a specific dollar limit.
Is a limited purpose FSA right for me? If your employer offers an LP-FSA, enrolling in one can be an excellent option if you're looking to reduce your dental and vision expenses while capitalizing on potential tax savings.
Limited Purpose FSA limits will also increase from $3,050 to $3,200 for 2024. The FSA Carryover limit provides employers the option to transfer a maximum amount of remaining FSA balances at a plan year's end to carryover for use during the next plan year. This is available with Healthcare and Limited Purpose FSAs only.
The LPFSA is used to pay for eligible vision and dental expenses that are not covered by your insurance. It can also be used to pay for eligible post-deductible medical expenses. Pre-tax contributions reduce your taxable income.
Benefitspaymentsystem Related content
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