For a list of Cigna's eligible FSA & HSA reimbursable expenses please check here.
| Health Savings Account (HSA) | Flexible Spending Account (FSA) Healthcare | Dependent Care FSA (DCFSA) | Limited Purpose FSA (LPFSA) | |
|---|---|---|---|---|
What is it? | A pre-tax contribution account for those enrolled in a high deductible health plan. Funds roll over and accumulate each year even if they are not spent. You keep the account even if you switch employers. | A pre-tax contribution account used to pay for eligible healthcare, dental & vision expenses for you and/or your family. However, if you switch employers you will lose the account. | A pre-tax contribution account used to pay for eligible dependent care expenses for your family. If utilizing for childcare expenses the dependent must be under the age of 13. This is “use it or lose it” and you will also lose the account if you switch employers. | A pre-tax contribution account used to pay for dental and vision expenses for you and/or your family. However, you will lose the account if you switch employers. |
What can I use the funds for? | Qualified medical, dental and vision expenses | Qualified medical, dental and vision expenses | Dependent Care services (preschool, summer day camps, child or elder care) | Qualified dental and vision expenses |
Vendor | BMO Harris | Cigna | Cigna | Cigna |
Max Contribution Limit (Individual/ Family) | $3,850/$7,750 | $3,050 | $5,000 | $3,050 |
Annual Company Contribution (Individual/Family) | $420/$780 | $0 | $0 | $0 |
Debit Card to Use | Yes | Yes | No | Yes |
Eligibility Requirements | Regular full-time employee, enrolled in HDHP | Regular full-time employee enrolled in any plan except HDHP | Regular full-time employee | Regular full-time employee, enrolled in any plan |
Annual Carryover Limit | No limit | $610 | No rollover | $610 |
Changing Contribution Amounts | Can change at any time in Dayforce | Amounts can be adjusted only during enrollment or if you experience a qualified life event | Amounts can be adjusted only during enrollment or if you experience a qualified life event | Amounts can be adjusted only during enrollment or if you experience a qualified life event |
Follows you even if you switch employers | Terminates on the last day of the final month of your employment | Terminates on the last day of the final month of your employment | Terminates on the last day of the final month of your employment |
**At the end of 2023, the annual carryover limit for FSA (limited purpose & healthcare) will be subject to IRS maximum.