You can enroll in a Limited Purpose FSA if you have a Health Savings Account (HSA). A Limited Purpose FSA generally helps you pay for eligible dental and vision expenses. Eligible expenses may also include prescriptions and OTC items for dental and vision care. A Limited Purpose FSA may also cover other health care expenses after you meet your deductible. A Limited Purpose FSA can help you save your HSA funds for the future.
|Who Is Eligible||NKCH employees are eligible to participate in the plan during annual enrollmentif you are enrolled in a high deductible health plan (HDHP) as well as an HSA. However, if you experience a life changing event such as the birth or adoption of a child, a divorce, death of a spouse or other qualifying event as outlined in the CHANGE MY BENEFITS section, you may adjust or enroll in the Health Care FSA plan.|
|How It Works||A limited purpose FSA (LPFSA) is a flexible spending account that only reimburses you for eligible dental and vision expenses. A LPFSA is available to employees who are enrolled in a high deductible health plan (HDHP) as well as an HSA. By establishing a LPFSA, you can save money on taxes by using your LPFSA dollars for your dental and vision expenses while preserving your HSA funds for other purposes, including simply saving those funds for the future.|
|What To Consider||When determining your contributions, please remember that LPFSA can only be used for dental and vision expenses. In addition, once the funds have been exhausted in your LPFSA, all future purchases for dental and vision will automatically be deducted from your HSA.|
|When Do I Submit Forms For Reimbursement||Save your receipts, and connect to FSA Company to submit your request for reimbursement. Requests can by submitted throughout the year and you have up to three months after the end of the calendar year to submit claims for eligible expenses incurred during the previous calendar year. Any money left in your account after the three months will be forfeited.|