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BMO U.S. Benefits

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 including your annual deductible and coinsurance.
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

  • HCFSA contributions are deducted before-tax from your paycheck, which reduces your taxable income.
  • The minimum contribution is $100 per year and the maximum is $2,750.
Eligible Expenses

Use the HCFSA to reimburse yourself on a before-tax basis for eligible expenses such as:

  • Deductibles/coinsurance/copayments for medical, prescription drugs, dental and vision expenses
  • Routine health exam (if not covered by your plan)
  • Expenses not paid or partially paid by your medical plan
  • Expenses not paid or partially paid by your dental plan, including orthodontia (cosmetic dental work, teeth whitening, are not considered eligible expenses)
  • Vision expenses, such as exams, eyeglasses, contact lenses and vision correction surgery.
  • Certain over-the-counter medications, if prescribed by a physician

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 Health Care Flexible Spending Account.

  • As you incur eligible expenses during the plan year, submit HCFSA claim forms to YSA along with your receipts for expenses.
  • You’ll be reimbursed from your account up to the total amount you elected for the plan year and any carry over amount (if applicable), even if you haven’t contributed the full amount at the time of your request.
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 and Forfeit of Funds
  • The Health Care Flexible Spending Account allows up to $550 of unused funds to be carried over into the next plan year.
  • IRS regulations require that any amount over the allowed carry over amount be forfeited by December 31 if not used for reimbursement of eligible expenses
  • You must submit claims for eligible expenses by April 30th of the following calendar year.

Manage your HCFSA

Here's how you can view and track your Health Care Flexible Spending Account 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 Limited Purpose Flexible Spending Account 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 up to $550 of unused contributions to the next plan year.