What is a health care FSA?
Health Care Flexible Spending Account
Making your money work for you. That’s the idea behind the Optum Financial health care flexible spending account, or FSA. Offered through your employer, an FSA is a smart, income tax-free way to help you pay for eligible medical expenses.
It’s simple to enroll. Decide how much you want to set aside from your paycheck – before it’s taxed -- for eligible health care expenses during your benefits plan year. When the year starts, all of that money is put into your FSA. You don’t have to wait for it.
When it’s time to pay for eligible expenses, you can use a personal check or a credit card. Just submit a claim request online – or use our mobile app. Either way, you’ll be able to easily keep track of your transactions anytime, anywhere.
As you get started, there are a few things to remember. Check your plan documents to see what expenses are covered. Generally, things like doctor visits, eye exams and diagnostic tests are covered. Things like cosmetic surgery, teeth whitening or vitamins are typically not covered.
An FSA is also a “use it or lose it” account. Some plans have a grace period or a carryover provision, but if you don’t use all your FSA dollars in a given year -- you’ll typically lose the remaining cash.
Finally, an FSA is also a great supplement to other eligible health accounts you may have – be it a health reimbursement account or a dependent care FSA.
Together, it all works for you. Check your benefit information to see if you’re eligible. The Optum Financial health care flexible spending account. The smart, income tax-free way to pay for eligible health care expenses!
Video on what health care flexible spending accounts (FSAs) are and how they work.
Health savings accounts (HSAs) are offered or administered by Optum Bank®, Member FDIC, or ConnectYourCare, LLC, each a subsidiary of Optum Financial. HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. Fees may reduce earnings on account. Flexible spending accounts/arrangements (FSAs), health reimbursement arrangements (HRAs), Commuter and Parking Benefits, Adoption Reimbursement Plans, Tuitions Reimbursement Plans, Surrogacy Reimbursement Plans, Lifestyle Plans, COBRA Benefits, and all other account types are administered on behalf of your plan sponsor by Optum Financial, Inc. or ConnectYourCare, LLC (collectively, “Optum Financial”) and are subject to eligibility and restrictions. Please contact a legal or tax professional for advice on eligibility, tax treatment, and restrictions. Please contact your plan administrator with questions about enrollment or plan restrictions. Federal and state laws and regulations and the design of your plan are subject to change.
Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, member FINRA/SIPC. For details and disclosures visit betterment.com. Certain brokerage services are offered through TD Ameritrade, Inc., member FDIC/SIPC and a subsidiary of The Charles Schwab Corporation. For details and disclosures, visit www.tdameritrade.com. The Schwab Health Savings Brokerage Account is offered through Charles Schwab & Co., Inc., member FINRA/SIPC. For details and disclosures, visit schwab.com.
Orders are accepted to effect transactions in securities only as an accommodation to HSA owners. Optum Financial and its subsidiaries are not broker-dealers or registered investment advisors and do not provide investment advice or research concerning securities, make recommendations concerning securities, or otherwise solicit securities transactions.
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