Your Health Savings Account (HSA)-Compatible or Limited Purpose Flexible Spending Account (LPFSA) can be used to pay for dental and vision care products and services only for you, your spouse, and your qualified dependents.
Read on to find out specifics on LPFSA eligibility and account use, or jump to a section with these links:
How do I enroll in an LPFSA?
You enroll in or renew your election in your LPFSA through your employer during your Open Enrollment period.
Your human resources department or benefits administrator can tell you when employees in your organization can enroll in a Health Savings Account (HSA)-Compatible or Limited Purpose Flexible Spending Account (LPFSA) and help you get started.
How do I use my LPFSA funds?
Use your Healthcare debit card* to make eligible dental and vision purchases, or you can make purchases and submit receipts for reimbursement.
You can use your Healthcare debit card* or you can submit receipts or documentations for your purchases and services to be reimbursed by check or through direct deposit.
Log into your account to regularly check balances, view claims, verify expenses, upload copies of receipts, and more.
Sign up to receive text and email alerts so you won’t miss important notices and always know what’s going on with your account.
*Your HealthEquity® Visa® Healthcare Card can be used at participating merchants who sell eligible healthcare products or services everywhere Visa debit cards are accepted. Your HealthEquity Visa Healthcare Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. The Bancorp Bank; Member FDIC.
Can I have an LPFSA and an HSA?
An HSA-Compatible or Limited Purpose FSA can be paired with an HSA.
A Health Savings Account (HSA)-Compatible or Limited Purpose Flexible Spending Account (LPFSA) may work for you if:
You have a qualifying high-deductible health plan with an annual minimum deductible of at least $1,500 for an individual plan and $3,000 for a family plan for coverage*
You qualify for an HSA and set up an HSA
* Figures are current for 2023
Note: You cannot enroll in an LPFSA without an HSA; in order to be eligible for a Limited Purpose Flexible Savings Account, you must be enrolled in a high-deductible health plan and use a Health Savings Account.
Do LPFSA funds roll over?
A Health Savings Account (HSA)-Compatible or Limited Purpose Flexible Spending Account (LPFSA) is an annual account, and generally, the funds must be used within the plan year.
It’s important to estimate how much you spend on eligible dental and vision care expenses for you and your eligible dependents each year before you decide how much to contribute to your HSA-compatible or Limited Purpose FSA.
Use this calculator to estimate your annual eligible expenses and determine an annual HSA-Compatible or Limited Purpose FSA election amount that’s right for you and your family.
Depending on your employer’s plan, you may have the option to:
Carry over up to $610 left over from your 2023 account into your 2024 account.
Have a grace period of up to 2½ months after your plan year ends, during which you can spend down money left in your account.
Can my spouse and I both have an LPFSA?
If two spouses are eligible for an LPFSA, each spouse may elect to make contributions of up to $3,050 in 2023 to each LPFSA if both participate in an LPFSA sponsored by their employer.