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 2021 annual contributions: $2,750.
Contributions are not subject to federal income tax, Social Security tax or Medicare tax.
Loyola will also allow 2020 Limited FSA participants to carry over up to $550 of any amount remaining unused as of the end of the year to the following year.
Leaving the University
Only expenses incurred prior to the date your participation in the plan ends are eligible for reimbursement, unless you continue through COBRA. You have 90 days to submit a claim that was incurred on or before your termination date. You may continue your LFSA through COBRA; however, payments including an administrative fee will be on an after‐tax basis.