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.
Smart-Choice Accounts 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.
|Debit Card||If you contribute $150 or more to your HCFSA, you can use the prepaid card to pay for eligible health care expenses.|
|Carry Over of Funds||You may carry over up to $610 from one year to the next. Amounts over the $610 limit are forfeited.|
Manage your HCFSA
Here’s how you can view and track your HCFSA and submit claims on Smart-Choice Accounts:
- Go to Workday, click My Benefits & Retirement application
- Select your network status (on or off the BMO network)
- Click Reimbursement Accounts tile
Limited Purpose Flexible Spending Account (LPFSA)
If you’re enrolled in the Health Savings Account (HSA), you can contribute up to $2,850 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.