Health Care Flexible Spending Account
The Health Care Flexible Spending Account (HCFSA) helps you save money on medical, dental and vision expenses not covered by your health plan.
Your Spending Account (YSA) administers the plan.
HCFSA contributions are deducted before-tax from your paycheck, which reduces your taxable income and increases your take-home pay. You may participate in the HCFSA if you aren’t covered by a High Deductible Health Plan. Or, you’re covered by BMO’s Consumer Choice Plan but are not eligible to contribute to an HSA.
Here’s a high-level overview of the HCFSA. For details, review the Flexible Spending Account SPD.
|Contributions to your Account||
Use the HCFSA to reimburse yourself on a before-tax basis for eligible expenses such as:
IRS Publication 502 has a complete list of eligible and ineligible expenses.
If your domestic partner and/or domestic partner’s children qualify as your tax dependents, their expenses are eligible to be claimed under your HCFSA.
|YSA Debit Card||If you contribute $150 or more to your HCFSA, you can use the prepaid YSA card to pay for eligible health care expenses.|
|Carry Over of Funds||You may carry over the remainder of your account balance from 2020 into 2021, and 2021 into 2022.|
Manage your HCFSA
Here’s how you can view and track your HCFSA and submit claims on YSA:
- Go to Workday, click My Benefits & Retirement application
- Select your network status (on or off the BMO network)
- Click Access Your Spending Account (YSA) tile
Limited Purpose Flexible Spending Account (LPFSA)
If you’re enrolled in the Health Savings Account (HSA), you can contribute up to $2,750 to a LPFSA that can be used for eligible dental and vision expenses only. The LPFSA is similar to the before-tax HCFSA including the ability to carry over your remaining account balance to the next plan year.