Limited Purpose Flexible Spending Account
The Limited Purpose Flexible Spending Account (LPFSA) works with your HSA to provide additional tax savings for eligible dental and vision expenses.
Your Spending Account (YSA) administers the plan.
You may participate in the LPFSA to save money on eligible dental and vision expenses and preserve your HSA balance for medical expenses. LPFSA contributions are deducted before-tax from your paycheck, which reduces your taxable income and increases your take-home pay.
Here’s a high-level overview of the LPFSA. For details, review the Flexible Spending Account SPD.
|Contributions to your Account|
Use the LPFSA to pay for or 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 LPFSA.
|YSA Debit Card|
|Carry Over of Funds||You may carry over the remainder of your balance from 2020 into 2021, and 2021 into 2022.|
Manage your LPFSA
Here’s how you can view and track your LPFSA 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