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Flexible Benefits

APSU offers three different types of flexible spending accounts: a medical FSA, a limited purpose FSA, and a dependent care FSA. Learn more about each different type below.

Annual limit - $2,750 Carryover limit - $500

 

Used to pay for certain medical, dental, vision and prescription costs not covered by your insurance. You do NOT qualify for a medical FSA if you are enrolled in the CDHP/HSA. Up to $500 of your unused FSA balance can be carried over into the next plan year instead of you “losing it.” You cannot enroll in both a medical FSA and L-FSA in the same year.

Annual limit - $2,750 Carryover limit - $500

 

May only be used to pay for certain dental and vision costs not covered by insurance. For employees enrolled in the CDHP/HSA, the L-FSA is a great way to save tax-free on eligible vision and dental expenses while continuing to grow your HSA balanceYou cannot enroll in both a medical FSA and L-FSA in the same year.

Annual limit - $5,000 (up to $2,500 per spouse for married couples filing jointly). No carryover amount allowed.

 

Used to pay for certain dependent-care costs, such as after school care, baby-sitting fees, adult or child daycare and preschool. Certain requirements must be met by the eligible employee and/or his or her spouse. For details, review the governing Plan Document located on the Publications page.

Important! You cannot enroll in both a medical FSA and L-FSA in the same year.

 

Availability of Funds: 

  • Employees who enroll in a medical FSA or L-FSA during annual enrollment will have their full election amount available to them the first week of January, or within approximately 3-4 weeks after they enroll. 
  • DC-FSA funds are only available as they are taken from your paycheck; your full election amount is not available up front. In addition, you may only file claims for dependent care for which you have a sufficient amount in your account to pay for them (i.e., you may not file claims for a future date).

 

 

Optum Bank debit cards

  • Medical FSA and L-FSA members will get a debit card to use their funds at the pharmacy and provider's office, making it quick and easy to pay your deductible, copays and coinsurance.
  • For those who enroll during annual enrollment, Optum Bank will send all newly enrolled medical FSA and limited purpose FSA (L-FSA) participants a debit card in December. New hires/newly enrolled will receive your debit card within 3-4 weeks of enrollment. You may order additional debit cards for your dependents (cost may apply) by logging into your account at optumbank.com/Tennessee> Account Settings > PayFlex card > Order Dependent Debit Card.
  • Plan members who currently have a medical FSA or L-FSA debit card will not receive a new debit card. Your current card will continue to work. You can use it at pharmacies, doctor’s offices and other healthcare facilities to pay from your account.
  • If you enroll in the CDHP/HSA and a L-FSA, the same debit card will work for both accounts. Optum Bank will take any dental or vision expenses from your L-FSA “purse” on the debit card before using any of your HSA funds. This allows your HSA funds to continue to grow.
  • If you currently have a HSA with a debit card and plan to enroll in a L-FSA, you will use the same debit card for both your HSA and L-FSA eligible purchases.
  • Dependent care (DC-FSA) will not use a debit card.

You should keep all health insurance, dental insurance, and vision insurance explanation of benefits (EOBs) when using the debit card to pay for eligible healthcare expenses. Optum Bank may contact you later and request them. Failure to respond to requests from Optum Bank to provide documentation for a debit card purchase may result in your card being deactivated and the expense reported to your employer for inclusion on your W2 as a taxable expense or being turned over to a collection agency.

Optum Bank accounts

If you enrolled in a medical FSA or limited purpose (L-FSA), you should go online at optumbank.com/Tennessee to create an account and register your new debit card to pay many of your medical expenses that are not already covered by insurance.  After you create your account, you can review your claims activity, upload documentation, provide claims substantiation (if requested), order an additional debit card and see your account balances.

If you are enrolled in a dependent care FSA only, you cannot use a debit card, but you can create an online Optum Bank account in order to see your account balance, claims, and activity.

You can order an additional Optum Bank Card, your account debit card, once you log in at optumbank.com/Tennessee.  New users will need to register first. 

Reimbursements

Please click here for instructions on how to receive reimbursements for 2020 claims for your medical, limited purpose, and/or dependent care.