Overview
A Limited Purpose Flexible Spending Account (FSA) is a type of account, provided by your Bedford City School District, that allows you to put aside money to pay for eligible dental and vision care expenses. The money going into the account is tax-free (no payroll tax is withheld), saving you money on items and services you are already purchasing. Enrolling in a flexible spending account may save up to 40% on your healthcare costs.
A Limited Purpose Flexible Spending Account reimburses eligible expenses for you and your tax dependents. Eligible expenses include dental or vision care costs not covered by insurance.
Important Facts About Limited Purpose Flexible Spending Accounts:
- For those enrolled in the High Deductible Health Plan and have an HSA bank account
- Maximum contribution of $3,200 in 2024
- Allows those with an HSA bank account to be reimbursed for non-medical eligible expenses for dental or vision for you and your tax dependents.
If you are enrolled in a Limited Purpose Flexible Spending Account, you can access your account, tools, and resources anytime at www.BenefitResource.com or 800.473.9595.
For more information about eligible expenses under a Limited Purpose FSA, please refer to IRS Publication 502.