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What is a limited purpose FSA?

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Limited purpose flexible spending account

Narrator:

Sometimes two is better than one. Two shoes. Two cars. Two viewpoints. How about two health care accounts? One to pay for qualified medical expenses, and one to pay for just dental and vision expenses. Expenses like lasik eye surgery, dental visits, and orthodontics! That’s the idea behind the Optum Financial limited purpose flexible spending account.

It’s offered through your employer during your open enrollment period. Check your benefit information to see if you’re eligible.

It’s a great companion to a health savings account, or HSA, which you may use to pay for unforeseen qualified medical expenses. The limited purpose FSA is just that – it has a limited purpose. It reimburses you for dental and vision expenses. You can easily pay for services at dental or vision clinics with your payment card.

With a limited purpose FSA, you decide how much you want to put into the account, and that lump sum is there the first day of the plan year. Plus, the money that goes in is deducted from your paycheck before taxes. Just make sure you use all the money in your limited purpose FSA.

It’s not like an HSA, where your funds roll over from year to year. Some plans may have a grace period or a carryover provision, but a limited purpose FSA is a “use it or lose it” account.

One important note: If you spend your limited purpose FSA dollars before the end of the plan year, and something else comes up like a root canal, additional dental or vision expenses could be paid from your HSA. Just make sure to check your plan details.

No matter what, we make it really easy to help you keep track of what you’ve spent and what you plan to spend, so you can plan efficiently and maximize your account.

Just go to optumfinancial.com or download our mobile app to check on your accounts, submit a claim and more. 

The Optum Financial limited purpose FSA. Combined with your HSA, it’s a case where two is better than one.

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A limited purpose FSA is a great companion to a health savings account (HSA), which you may use to pay for unforeseen qualified medical expenses. The limited purpose FSA is just that — it has a limited purpose. It reimburses you for dental and vision expenses. You can easily pay for services at dental or vision clinics using your Optum Financial payment card.

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Search our resource library for additional resources — from videos to financial wellness articles — that can help you learn more about how to save, pay and invest your health care dollars now and into retirement.

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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. The Schwab Health Savings Brokerage Account is offered to certain account holders through Charles Schwab & Co., Inc., Member FINRA/SIPC. For details and disclosures, visit schwab.com. Brokerage services are offered to certain accountholders through TD Ameritrade, Inc., Member FDIC/SIPC and a subsidiary of The Charles Schwab Corporation. For details and disclosures, visit tdameritrade.com.

Orders are accepted to effect transactions in securities only as an accommodation to HSA owners. Optum Financial and its subsidiaries are not broker-dealer or registered investment advisors and do not provide investment advice or research concerning securities, make recommendations concerning securities, or otherwise solicit securities transactions.

Health savings accounts (HSAs) are individual accounts offered through Optum Bank®, Member FDIC, or ConnectYourCare, LLC, an IRS-Designated Non-Bank Custodian of HSAs, each a subsidiary of Optum Financial, Inc. Neither Optum Financial, Inc. nor ConnectYourCare, LLC is a bank or an FDIC insured institution. 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 (FSAs), dependent care assistance programs (DCAPs), health reimbursement arrangements (HRAs), Commuter and Parking Benefits, Tuition Assistance Plans, Adoption Assistance Plans, Surrogacy Assistance Plans, Wellness Benefits, and Lifestyle Accounts (collectively, “Employer-Sponsored Plans”) 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. Employer-Sponsored Plans are not individually owned and amounts available under the Employer-Sponsored Plan are not FDIC insured. This communication is not intended as legal or tax advice. Federal and state laws and regulations are subject to change. 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.

Google Play and the Google Play logo are trademarks of Google LLC. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries.

The promotional code OPTFSA7, OPTHSA5 and OPTHRA7 cannot be applied to previously placed orders, and cannot be combined with other promotional codes. Additionally, the code cannot be used for prescription drugs or virtual care visits. Promotional codes are not transferable or redeemable for cash or credit. To apply a promotional code you must enter it prior to completing the order.

Free and expedited shipping offers do not apply to shipping outside of the contiguous United States. Additional shipping restrictions may apply.

The Optum Store is an affiliate of the UnitedHealth Group family of companies.

Your employer sponsored plan may exclude reimbursement for certain categories of items. Check your plan document and summary plan description or contact your benefits department for specific coverage details. 

© 2022 Optum, Inc. All rights reserved

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Investments are not FDIC insured, are not bank issued or guaranteed by Optum Financial or its subsidiaries, including Optum Bank, and are subject to risk including fluctuations in value and the possible loss of the principal amount invested.