The Limited Flexible Spending Account (LFSA) is similar to a Health Care Flexible Spending Account (FSA), however the LFSA only reimburses for eligible dental and vision expenses. Similar to a Health Care FSA, funds must be used during the plan year while employed at Loyola; otherwise, the funds expire.
This account (available from BenefitExpress) will be available to you only if you will have a Health Savings Account (HSA) during a plan year in which you enroll in PPO 3 HSA. Contributions can be elected through Employee Self-Service during Open Enrollment.
Maximum 2020 annual contributions: $2,750.
Contributions are not subject to federal income tax, Social Security tax or Medicare tax.
- Beginning in 2020, Loyola will also allow 2019 Limited FSA participants to carry over up to $500 of any amount remaining unused as of the end of the year to the following year.